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Secured Loan

A loan where the lender has protection in case you fail to pay off the loan where they can make you sell the asset over which the loan is secured so that they can get their money.

Short Term Debt

Financing used to secure cash for accounts payable and inventory.

Status

The position of the loan or loan application in the processing cycle. Status changes occur throughout the life of the loan, from application receipt to full repayment or cancellation of the loan.

Subsequent Draw Fee

It's a fee that the financial institution may charge each time you use the line of credit after the initial use.

Secured Loan
Short Term Debt
Status
Subsequent Draw Fee