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A borrower is the person who takes out a loan from a lender. A borrower applies for a loan from a bank or a credit union to pay off a debt or finance a major expense such as a car, a home or a weddin…...
Also known as security, this is an asset such as a car or a home offered as a guarantee of payment by the borrower. It can be taken into possession by a lender if a borrower defaults on their loan re…...
The comparison interest rate represents a close estimate of the total cost of your loan, which involves more than just paying interest. On top of the interest rate, the comparison rate also covers th…...
Your credit score is a number based on the information in your credit history file. It is determined by your financial behaviour, including existing unpaid debts and the frequency and timeliness (or …...
Creditor is another word for lender. Credit card companies, banks and other lending bodies are considered as creditors. ...
Your creditworthiness is determined by your credit score. The better your credit score, the higher your creditworthiness. Lenders decide on whether to approve a personal loan application (and how muc…...
Your debt is the money you owe to a lender, such as a personal loan, credit card balance or home loan. ...
Debt consolidation is the act of combining two or more loans into a new personal loan. When you consolidate your loans, you end up with one interest rate, one loan term, one set of fees and one regul…...
If you fail to make the required loan repayments for several successive weeks or months, you are in default. ...
An early repayment is when a borrower opts to pay out their personal loan before the date agreed in their loan's terms and conditions. Many lenders charge early repayment penalty fees because th…...
A fixed interest rate is one that doesn't change throughout the loan term. ...
The loan term is the agreed period at the conclusion of which you are meant to have repaid your loan in full. ...
A mortgage is a type of loan taken with the goal of owning a property's title once it is fully paid. ...
A personal loan is a type of loan that a borrower can take out to pay for something personal, such as a car, education, home refurbishing, or even holidays. A personal loan can either be unsecured or…...
Refinancing is somewhat similar to debt consolidation in that you replace an existing loan with a new one. ...
Repossession is when a bank or a financier takes away an asset over which they have a charge, because the lender has failed to repay their personal loan on time. ...
As opposed to fixed interest, variable interest can change during the loan term. It can either go higher or lower, depending on certain factors. ...
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