Payday Loan Terms
Although payday loan takes account the same terminologies as any other loans, new comer will find it quite overwhelming. If this is your case, don´t worry. Below you will find some common payday loan terminologies.
Annual Percentage Rate (APR)
This is the amount of the interest rate you have to pay for the loan.
Payday Loan
A short term loan, normally less than a month, that enables you to loan money and pay it with your next paycheck.
Payday Loan Online
A payday loan transaction that is done on the internet
Loan Fees / Finance Charges
Additional fees that is charged on your payday loan. Some companies combine the interest rate and loan fees into one.
No Fax Payday Loan
A payday loan in which you are not required to fax your documents such as bank record, paycheck, etc.
Amount Financed / Total Payment Due Lender
This is the amount you borrowed plus the interest and any additional cost. For example if you borrow $100 and the interest is $10 with no other fees, then the amount financed is $110.
Secured loan
This is loan that has some sort of collateral that the lender can claim ownership if the borrower fail to pay the loan.
Unsecured loan
This is a loan that has no collateral at all. The lender puts full trust to the borrower that he/she may pay the loan according to the terms.
Roll Over
This means that a loan is extended, or more precisely refinanced, for a new term.
Licensed Lender
Licensed lender is just that. The lender is licensed to lend money out. As a precaution, always take payday loan from a licensed lender.
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Disclaimer:
The general information provided by http://PaydayLoanTips.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://PaydapLoanTips.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
Annual Percentage Rate (APR)
This is the amount of the interest rate you have to pay for the loan.
Payday Loan
A short term loan, normally less than a month, that enables you to loan money and pay it with your next paycheck.
Payday Loan Online
A payday loan transaction that is done on the internet
Loan Fees / Finance Charges
Additional fees that is charged on your payday loan. Some companies combine the interest rate and loan fees into one.
No Fax Payday Loan
A payday loan in which you are not required to fax your documents such as bank record, paycheck, etc.
Amount Financed / Total Payment Due Lender
This is the amount you borrowed plus the interest and any additional cost. For example if you borrow $100 and the interest is $10 with no other fees, then the amount financed is $110.
Secured loan
This is loan that has some sort of collateral that the lender can claim ownership if the borrower fail to pay the loan.
Unsecured loan
This is a loan that has no collateral at all. The lender puts full trust to the borrower that he/she may pay the loan according to the terms.
Roll Over
This means that a loan is extended, or more precisely refinanced, for a new term.
Licensed Lender
Licensed lender is just that. The lender is licensed to lend money out. As a precaution, always take payday loan from a licensed lender.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
Disclaimer:
The general information provided by http://PaydayLoanTips.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://PaydapLoanTips.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
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11:33 PM
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