Interest:
A sum paid or charged for the use of money or for borrowing money. Interest is usually charged as a percentage of the amount outstanding.

Interest Rate:
This is the percentage of the outstanding balance charged.

Principal:
The initial amount borrowed. This represents the amount of cash the Credit Union will give you. The amount you must repay is the principal plus any interest gathered over the life of the loan.

Payment:
The payment is the amount of money you will be sending the credit union each pay period.

Pay Period:
The credit union offers many repayment plans which vary in how often you are required to make a payment. The payment options include:
Term:
The term is the amount of time you will take to pay back the loan.