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Glossary

 Amortization:

Repayment method which enables repayment of loan through regular monthly repayments. The regular monthly payment usually consists of both interest and principal amount.

Amortization term:

The time period required to payback the loan. The amortization term usually varies with loan type.

Annual percentage rate (APR):

It is the interest rate charged on the loan. It is the yearly rate of interest, expressed as a percentage of the loan. It is the real cost of the loan and includes interest, service charges, points, fee etc.

Bankruptcy:

A legal process that prevents creditors to take legal action on the debtor. There are two basically two ways of declaring bankruptcy – Chapter 7 and Chapter 13 bankruptcy.

Cash advance loan:

A short term loan which is to be repaid by next payday.

Credit history:

A record of an individual’s total debt condition till date. It gives an idea about whether the borrower is likely to payback the loan in time or not. The credit history helps the lender to decide whether loan should be extended to the borrower or not.

Employment verification:

Confirmation that a loan applicant has been honest about its employment and income details.

Late payment fee:

A charge on the debtor whose monthly payment is not received on the due date.

Loan application:

A document with details about a borrower’s personal and financial situation. This the borrower submits to qualify for a loan.

Prepayment penalty:

A lender’s charge to the borrower for repaying the loan before the term of the loan is completed.

Subprime loan:  

A person having less than perfect credit on his or her credit report. Subprime loan is given at higher interest rate for a lender usually compensates negative credit with higher interest rates.

 

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