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User guide to payday loan terminologies
User guide to payday loan terminologies
Are you approaching towards a payday loan cash advance? Is this your first loan
borrowing? Are you acquainted with all the terminologies or facts that you will
be facing when you approach for the loan? Need not to worry. We have assembled a
brief payday loan glossaries and definitions to make you understand about payday
loan borrowing. Please go through it and gain the wisdom to make perfect
decisions.
Accrue:-Accumulation of interest on
the loan taken by you.
Appreciation: - Increase in value of
assets due to efflux ion of time.
Application: - Borrower’s first step
to get the loan in which he is supposed to give all the necessary information
about him along with different documents.
Asset: - A valuable thing that you
have.
Borrower: - Person who borrowed a
loan.
Capitalization: - Addition of unpaid
accrued interest with your capital loan amount by which both Loan amount as well
as cost to loan increases.
Credit Agencies: - Organizations
that collect consumer’s credit information and supply it to potential lenders in
the form of a report.
Credit History: - Gives information
regarding borrower’s previous activities regarding repayment or timely payment
of debts. It acts as a guide to the potential lender.
Credit Rating: - Your credit rating
shows your credibility to pay off your debts. It is a grading or ranking
provided to you by credit agencies.
Credit Report: - It is a document
about your credit history. All your past debts and their payment history are
given in detail in this report.
Credit: - What you owe today, you
have to repay it tomorrow.
Credit Worthiness: - Credit
worthiness is a debtor’s ability to pay-off his debts in future.
Debts: - The amount owed by you to
others.
Interest: - Additional amount
charged on the principal.
Interest Rate:-Additional amount
paid by the borrower for any loan. Usually it is expressed as a percentage.
Liability: - The amount you owe to
others is your liability.
Lender: - Individual or organization
that provides money as a loan to the consumer against a certain charge called
“Interest”.
Loan: - The amount which is borrowed
from an individual or an organization. The money usually is repaid with an
interest.
Loan applicant: - Any person who
approaches to a lender for a loan is a loan applicant.
Monthly Payment: - The amount
consisting of principal and interest paid to the lender on a monthly basis.
Payment: - Monthly installments paid
by the borrower to the lender in order to repay the loan.
Repayment: - Procedure of paying-off
Lenders/Creditors loan.
Simple Interest: - Allocation of
your monthly payment between interest and the principal amount based on the
amount borrowed, term of the loan and the balance amount due at a certain point
of time.
Term: - The agreed time within which
the borrowed loan amount is to be repaid.
For more terms and definitions on payday loan, please visit-
http://www.ampmcash.com/terminologies.html
So here you have gathered all the basics about payday loan cash advance terminologies.
We hope you have definitely gained from what you went through here. Now you
can approach wisely for a payday loan….good luck.
If you have queries or problems in understanding any term, please visit our
site and post a message here at-
http://www.ampmcash.com/talk/
About the Author: Angelina Rosario is a contributing writer of http://www.ampmcash.com/ you are invited to visit the site for the latest on payday loan news and information. Also check the FAQ’s on payday loan at-
http://www.ampmcash.com/faq/
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