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• Late charge � Fee a credit grantor charges a borrower for a late payment.


• Lag � A payment of a financial obligation later than is expected or required, as in lead and lag. Factoring often covers a lag payment.


• Lease Long - term rental agreement, and a form of secured long-term debt.


• Lease acquisition cost � Legal fees and other expenses incurred when acquiring a lease.


• Ledger balance � Balance in an account at the beginning of each day, also known as the current balance. It includes all deposits or transactions that were posted from the previous night, whether or not any money has been collected.


• Lessee � Person who signs a lease.


• Lessor � Person who grants a lease.


• Line of Credit � An amount of money, which a business can borrow against at times it needs capital.


• Loan Term � The length of time the borrower has to repay debt.


• Long Term Debt � Financing that is used to purchase or improve assets such as plant, facilities or large equipment.


• Lump sum � A large one-time payment of money.
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