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.
