budget account

Show Summary Details

Quick Reference

A loan account conducted by a bank, in which the borrower decides the monthly repayment instalments and can continue to borrow up to a ceiling, which is expressed as a multiplier of the instalment. The multiplier is often 24 times (e.g. if the repayment instalment is £100 per month, the borrowing limit is £2400).

Subjects: Financial Institutions and Services.

Reference entries

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.