Glossary
Quick (Fast or Payday) Loan
A short-term loan typically used to cover urgent financial needs and unexpected expenses. Such loans are characterized by a simplified application process, quick approval of the request, and rapid disbursement of funds. The cost of financing is usually significantly higher.
Real Estate (Immovable Property)
Ownership by a natural or legal person of land or an object – a building or other construction – permanently attached to the land, whose location cannot be changed without destroying its physical integrity. Immovable property must be registered in the Property Register. Ownership rights over such property are evidenced by a notarial deed and are transferred according to a special procedure, including through sale, donation, inheritance, and other forms of acquisition.
Real Estate Investment Trust (REIT)
International designation for real estate investment trusts. The main difference between Bulgarian Special Purpose Investment Companies (SPICs) and REITs abroad is that SPIC shares are traded on a regulated market (public companies), allowing investors to easily buy or sell them.
Receipt - glossary for children
A document that must be given when paying with cash or a card. It shows the items bought, the amount paid, the date, and the place of purchase. A receipt serves as proof and can be used when returning or exchanging items. It can be on paper or digital, sent to a phone or email.
Recourse Claim (Right of Recourse)
A claim through which a person who has paid another’s obligation or assumed liability on behalf of another seeks reimbursement or compensation from the actual debtor. In insurance, for example, a recourse claim is filed by the insurer against the party responsible for the loss, after paying compensation to its insured client.
Reference Interest Rate (RIR)
A variable component of the interest rate that follows market dynamics, usually based on an index (e.g., EURIBOR) or a rate set by the Bulgarian National Bank. Credit institutions are obliged to inform their clients about upcoming changes in the RIR, as these affect the interest rate and consequently the amount of instalments on variable-rate loans.
Refinancing
Replacing an existing loan with a new one, usually under more favourable terms for the client. This may include a lower interest rate, a longer repayment period, reduced monthly instalments, or the consolidation of multiple obligations into a single loan. The main goal is to ease the financial burden on the borrower and optimize the management of their liabilities.
Regulated Market
A licensed multilateral system organized and/or operated by a market operator, where buyers and sellers of financial instruments such as shares, bonds, and other securities meet to execute transactions under strict rules and regulations. An example of a regulated market in Bulgaria is the Bulgarian Stock Exchange.
Reliability
A fundamental principle in managing pension savings by pension insurance companies, focusing on investment diversification, a conservative approach to strategy selection, professional management, regulatory oversight, transparency and accountability, and actuarial assessment.
Rent - glossary for children
Money paid to use someone else’s home or property.
Partners
