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Terms to Know When Looking for a Loan
Oftentimes individuals do not have the amount of cash or money needed to make a large purchase. This is why various types of loans are necessary for buying cars or residential homes. As you may know, a loan is a sum of money that is borrowed from a bank or financial lender, and is paid back over time. A specific interest rate typically applies, which allows the bank to make money on personal home, auto, or student loans. Below you will find 10 key terms that are helpful when dealing with loans.
Payday Loan - A payday or paycheck advance, and it is a small sum of cash that can be borrowed from a lender to cover immediate expenses until payday.
Small Business Loan - An amount of money borrowed by and individual in order to get a small business started.
Interest Rate - A rate or percentage that is paid by the borrower for the use of money.
Debt Consolidation - The process of taking out a loan in order to pay off all other debts or loans.
Unsecured Loan - This is a sum of money borrowed that is not backed by collateral, and it is also referred to as a signature loan or personal loan.
Credit Check - The process in which a bank or financial lender checks a borrowers credit history.
Home Equity - The current market value of a home, aside from the outstanding mortgage balance.
Refinance - To finance something again, but typically with a new loan, which has a lower interest rate.
Auto Loan - A sum of money or personal loan that is borrowed to purchase a car or motor vehicle.
Student Loan - A portion of money that can be borrowed by college students through online lenders in order to pay for tuition.
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An individual who cannot afford a major purchase or expense is likely to seek a loan. Loans are often sought to cover the cost of cars, houses or college expenses.
It is very important to do research before taking out a loan. This is especially important with mortgages. Students also need to be careful. Paying off student loans can take a long time, especially if good employment is not found on graduation. It is important to understand exactly how specific loans work. A payday loan works very differently than an auto loan. Payday loans are generally unsecured. Credit card consolidation is completely different than small business loans. Consolidating debt can reduce payments, however. Online research is a good starting point, but calling banks and other companies can also help. Be sure to compare rates and terms before making a decision.
Once the kind of loan required is established, there are various online directories that can be consulted. These tend to be specialized. It's often worth asking around amongst friends and family who might have personal experience with specific companies.
Comparing several businesses is smart. Most will perform a credit check and ask about financial circumstances. Banks offer various loans, but loan specialists tend to be narrower. For example, one might offer only personal loans. Payday and cash advances tend to be a different specialty. It is best to make a short list of companies and then ask for references and check online review sites. The more research you do the better, especially with as auto loans and refinanced mortgages. Getting a second opinion of the value of property used to secure a loan, especially home equity, is often a good idea.
Taking out loans is often essential in today's society, but it should not be done without great care.