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Payday Loan – Terminology for Payday Loans
from: ...Tip! Most payday loan sites do not check your credit history or report so, even if you have a bad credit history you will still receive a loan. Check the FAQ section of the payday loan site so that you can be sure whether or not the site you are applying to will do a credit check.
Are you planning to use a payday loan cash advance for the first time? Are you acquainted with all the terminologies or facts that will confront you when you apply for the loan? Not to worry. Here is a brief glossary and definitions of some of the most commonly used terms in the payday loan industry.
1. Accrued Interest: Interest you have incurred that is yet to be paid or charged.
2. Appreciation: Increase in value of an asset.
3. APR (Annual percentage rate): The interest rate reflected as a yearly rate, taking into account points and other fees.
Tip! Provide the online payday loan company a personal check payable to the lender for the amount of the loan plus the fee.
4. Application: Documentation to be completed by the borrower which provides the lender with all the necessary personal and financial information about the borrower.
5. Credit Agencies: - Organizations that collect consumer's credit information and supply it to potential lenders in the form of a report.
6. Credit History: - Provides information regarding borrower's previous activities regarding repayment or timely payment of debts. It acts as a risk guide to the potential lender.
7. Credit rating: - Your credit rating shows your historical ability to pay off your debts. It is a grading or ranking provided to you by credit agencies
8. 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.
9. Default: The act of failing to meet a financial obligation.
10. Interest: Interest is a surcharge on the repayment of debt (borrowed money).
11. Interest Rate: The rate at which the interest is charged, expressed as a percentage or APR (Annual Percentage Rate).
Tip! The loan amount will be with you within 24 hours and this will enable you to solve your problems. However, remember payday loans are expensive so you must plan on using the loan only for a short period, ideally 14 days.
12. Liability: A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.
13. Lender: Individual or organization that provides the loan against a specific interest charge.
14. Loan: Money borrowed that is usually repaid with interest.
15. Monthly Payment: The amount consisting of principal and interest paid to the lender on a monthly basis.
Tip! Upon accepting the payday loan terms, your loan will be directly forwarded on your account.
16. Principle Amount: The original amount of the money borrowed from a lender. This does not include interest or fees
17. Renewal: An extension of the loan period on an item, granted to the current borrower
18. Repayment: Payment of a debt or obligation
19. Rollover: A term often used by lenders when they allow a borrower to delay making a principal payment on a loan
To find out more about Payday Loans, Online Payday Service, Instant payday loan, pay a visit to: http://www.paydayloanswebsite.com
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