Loan Terms

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Secured Loan for People with Good And Bad Credit People
Are you facing problem getting a loan, just because you have a bad credit history? If yes, then there is good news for you. Now you can avail a loan specially designed for people like you, popularly known as "Bad Credit Secured Loan".

A Bad Credit Secured Loan is defined as a secured loan for people with bad credit. Lenders define "bad credit" as a black spot in your credit report, it i... Read loans article



Unsecured Business Loan Benefits
Secured business loans, used as a source of business capital, are disadvantageous not only because they can lead to repossession of asset if repayments are not made. Secured business loans come with many restrictions imposed by the loan provider. The loan provider, for instance, will insist on a particular debt-equity ratio in order to safeguard the amount lent. This limits the entrepreneur's cont... Read loans article



Loan Terms
Listed below is a guide to loan terms. It is a useful list of definitions of loan terms that may or may not be familiar to you. Keep it nearby as you will never know when you might need it for quick reference.

Accrue

Process in which interest accumulates on a borrower's loan.

Amortization

A repayment method in which the amount you borrow is repaid gradually though regular monthly payments of principal and interest over the term of the loan.

Annual Percentage Rate (APR)

The APR shows the cost of a loan expressed as a yearly interest rate, including the interest and other fees associated with the loan.

Application

First step in the official loan process to gather and record information about the potential borrower.

Borrower

Person who has been approved to receive a loan and is then obligated to repay it.

Capitalization

Adding unpaid accrued interest to the principal balance. Capitalizing interest increases the principal amount of the loan and the total cost of the loan.

Collateral

Property pledged as security for a loan to ensure repayment of a loan.

Credit Agencies/Credit Bureaus

Organizations that collect individual consumer credit information and provide credit reports to potential lenders.

Credit History

History of an individual's debt repayment. For most types of loans, lenders use this information to gauge a potential borrower's ability to repay a loan.

Credit Rating

Grade assigned to denote the net worth and credit standing of an individual or a business.

Credit Report

Record that lists all past and present debts and the timeliness of their repayment and documents an individual's credit history.

Debt

Amount owed to another that must be repaid.

Default

Failure to repay a loan according to the terms of the loan.

Delinquency

Failure of a borrower to make a timely payment on a loan.

Interest

Fee charged for the use of money.

Interest Rate

The amount of interest charged on a loan, usually expressed as a percentage.

Lender

Entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be a bank or other financial institution.

Loan

Money borrowed from a lending institution, usually repaid with interest.

Loan Applicant

Party applying to the lender for a loan.

Note

Binding legal document you sign when you get a loan. It lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan (also called a promissory note or a mortgage note).

Payment

Periodic (usually monthly) instalments paid to a lender to be applied toward repaying your loan.

Principal

Loan amount borrowed from a lender, not including interest or additional fees.

Repayment

Process of paying back borrowed money.

Term

Time limit within which a loan must be repaid.

Variable Interest Rate

Interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

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Payday Loan Info

A Payday loan is a small, short-term, high-rate loan. It is also referred to as: cash advance loan, cheque advance loan, post-dated cheque loan, deferred deposit cheque loan or cash loan.

Payday Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

A Payday Loan can assist you in this situation with a low amount short term loan.

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a cheque book. A poor credit rating or debt history is initially not a problem.

Usually, a borrower writes a personal cheque payable to the lender for the amount he or she wishes to borrow plus a fee. The company gives the borrower the amount of the cheque minus the fee. Fees charged for payday loans are usually a percentage of the face value of the cheque or a fee charged per amount borrowed.

The company agrees to hold the cheque until your next payday. At that time, depending on the particular plan, the lender deposits the cheque, you redeem the cheque by paying the amount owed in cash, or you roll-over the cheque by paying a fee to extend the loan for another two weeks.

A payday loan is very convenient if you find yourself a little short of funds at any time. The most obvious drawback of a Payday Loan is that they can be expensive. The interest rate varies from lender to lender so do shop around to find the best deal.

If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next pay cheque and still have enough to make it to the next payday.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.


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Loan Terms
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