- APR (annual percentage rate)
- The yearly cost of borrowing, including interest and certain fees, expressed as a percentage. The standard way to compare loans.
- Cash advance
- A short-term amount of money provided before payday, by an app like Rocco or as a credit card cash withdrawal.
- Debt-to-income ratio (DTI)
- Your monthly debt payments divided by your gross monthly income. Lenders use it to judge affordability.
- Direct deposit
- Pay sent electronically into your bank account. Advance apps like Rocco use it to predict your next payday.
- Earned wage access (EWA)
- Services that let workers access pay before payday, either through an employer or a direct-to-consumer app.
- Express fee
- An optional charge for faster delivery of an advance. Rocco lists $2.99 to $7.99.
- Hard inquiry
- A credit check made when you apply for credit. It can lower your score slightly for a short time.
- Installment loan
- A loan repaid in equal scheduled payments over a set term, such as 12 months.
- Origination fee
- A one-time fee some lenders charge to process a loan, often deducted from the amount you receive.
- Overdraft fee
- A bank fee charged when a transaction exceeds your available balance.
- Payday loan
- A short-term, high-cost loan usually due in full on your next payday.
- Prepayment penalty
- A fee for paying off a loan early. Most installment lenders don't charge one.
- Soft inquiry
- A credit check that doesn't affect your score, often used to show preliminary loan offers.
- Subscription fee
- A recurring monthly charge for access to an app's features. Rocco lists up to $8.99.
- Tip
- An optional payment to an advance app. Rocco accepts 0% to 20% of the advance.
Cash advance and loan glossary
Plain-English definitions of the terms you'll see in Rocco's terms and in any loan offer.
