by crispin0 | Jun 12, 2025 | Uncategorized
The borrower is the individual or business applying for the loan. Borrowers are required to meet certain criteria, such as a minimum credit score, before they are eligible for approval.
by crispin0 | Jun 6, 2025 | Uncategorized
APR represents the total cost of borrowing, including interest and fees, expressed as an annual percentage. It provides borrowers with a clear understanding of the cost of a loan over a year. A higher APR indicates a more expensive loan.
by crispin0 | Jun 3, 2025 | Uncategorized
This is a fee charged by lenders for processing a loan application. It covers the administrative costs of reviewing and processing the borrower’s request. Not all loan apps charge an application fee.
by crispin0 | May 23, 2025 | Uncategorized
A hard inquiry occurs when a lender checks a borrower’s credit report as part of the loan application process. This inquiry can affect the borrower’s credit score, and multiple hard inquiries within a short time may signal financial instability to potential...
by crispin0 | May 21, 2025 | Uncategorized
A soft inquiry happens when a borrower’s credit report is checked for reasons other than a loan application, such as for pre-approval offers or identity verification. Soft inquiries do not impact the borrower’s credit score.
by crispin0 | May 19, 2025 | Uncategorized
A late payment fee is a charge that a lender imposes when the borrower fails to make a scheduled payment on time. These fees can add up quickly and increase the total cost of the loan.
by crispin0 | May 18, 2025 | Uncategorized
Early repayment occurs when the borrower pays off the loan before the due date. Some lenders offer incentives or discounts for early repayment, while others may charge a prepayment penalty to discourage it.
by crispin0 | May 17, 2025 | Uncategorized
A prepayment penalty is a fee that a borrower must pay if they pay off their loan before the scheduled term. This penalty is meant to compensate the lender for lost interest income. It is important for borrowers to check for such clauses before taking a loan.
by crispin0 | May 12, 2025 | Uncategorized
The minimum payment is the lowest amount the borrower must pay each month to remain in good standing with the loan. It typically includes both interest and a portion of the principal.
by crispin0 | May 6, 2025 | Uncategorized
Discretionary credit is the amount a lender is willing to offer based on the borrower’s financial situation, including income and creditworthiness. It’s typically used for small personal loans or cash advances.
by crispin0 | Apr 30, 2025 | Uncategorized
An emergency loan is a type of short-term loan designed to cover unexpected expenses, such as medical bills or car repairs. Many online lending apps offer emergency loans with quick approval processes.
by crispin0 | Apr 27, 2025 | Uncategorized
Loan eligibility refers to the criteria a borrower must meet to qualify for a loan. Online lending apps typically set these criteria, which include factors such as credit score, income level, and employment status.
by crispin0 | Apr 24, 2025 | Uncategorized
Debt recovery is the process of collecting owed funds from a borrower who has defaulted on their loan. It can involve negotiating a payment plan or pursuing legal action.
by crispin0 | Apr 21, 2025 | Uncategorized
The payment due date is the date by which the borrower must make their scheduled loan payment. Missing this date can result in penalties, fees, or negative impacts on the borrower’s credit score.
by crispin0 | Feb 25, 2025 | Uncategorized
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