Loan Default

by | Aug 19, 2025 | Uncategorized

Default occurs when a borrower fails to make scheduled loan repayments as outlined in the loan agreement. If the borrower defaults on a loan, the lender may initiate collections or take legal action to recover the money owed.

Interest Rate

by | Aug 15, 2025 | Uncategorized

The interest rate is the percentage charged by the lender on the amount borrowed. It determines how much extra the borrower will pay on top of the principal loan amount over time.

Loan Approval

by | Aug 11, 2025 | Uncategorized

Loan approval is the process through which a lender agrees to offer a loan to a borrower based on their application. The approval is contingent on various factors, including credit score, income, and other financial indicators. Once approved, the loan terms are...