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Loan Terms

a person, company, or institution that lends money in the form of either a credit or loan that has repayment terms and normally, an interest charge. The borrower is obligated for the full repayment of the debt (plus interest) to the lender.

Monthly Payment:
monthly installments that are made to pay off the principal and the interest over the loan term.

paying off your loan over its term by making regular installments or payments.

Personal Line of Credit:
this is a type of unsecured loan that allows you access to funds that are up to a fixed credit limit.

a loan that is common among homeowners, this is a secured loan used to pay property. In this case, the purchased real estate is the collateral.

the amount that a lender charges for a loan.

the loss of value on an asset over time. Cars are a good example of depreciation.

Home Equity Loan:
this type of loan is secured and for a fixed amount. You use your home as a collateral, in which case the bank may take away your home if you are unable to pay back. In some case, the interest on this type of loan may be tax-deductible. You should see your tax accountant for further details as to whether this applies to your home equity loan.

the amount of the loan.

the money you are obligated to pay back; in other words, your debts.

Payday Advance & Cash Loans

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