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Glossary

Late payment fee
A late payment fee (a late charge) is charged to a borrower who misses paying their payment by the payment deadline. Late payments may affect your credit history negatively, even if your entire outstanding balance is later paid in full.
Lender
A person or company that offers to lend money to a borrower. The borrower is obliged to repay the loan either by installments or a single payment together with specified interest.
Lending Code
The Code sets standards of good practice in relation to personal unsecured loans, credit cards and overdrafts and lending to micro-enterprises.
Liability
The obligation to pay an amount owing.  In the case of card fraud the term ‘liability’ is used to refer to the party that is responsible for covering or absorbing the amount defrauded in respect of a cardholder dispute.
Liability shift
Where chargeback liability shifts from the party that has the capability to authenticate cardholders or their cards to the one that does not.  For example, if merchants does not have chip and PIN compliant terminals to process a card present chip and PIN transaction, they would be liable if the cardholder denied the transaction or the card was found to have been counterfeited.
Line of credit
The total amount of credit available to a borrower. Purchases and withdrawals will not be possible beyond this limit.
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