by crispin0 | May 30, 2025 | Terminologies
Early repayment occurs when the borrower pays off the loan before the due date. Some lenders offer incentives or discounts for early repayment, while others may charge a prepayment penalty to discourage it.
by crispin0 | May 29, 2025 | Terminologies
An emergency loan is a type of short-term loan designed to cover unexpected expenses, such as medical bills or car repairs. Many online lending apps offer emergency loans with quick approval processes.
by crispin0 | May 28, 2025 | Terminologies
A fast loan is a quick, short-term loan offered through online lending apps. These loans are typically processed and approved within a few hours or days, making them ideal for urgent needs.
by crispin0 | May 27, 2025 | Terminologies
A hard inquiry occurs when a lender checks a borrower’s credit report as part of the loan application process. This inquiry can affect the borrower’s credit score, and multiple hard inquiries within a short time may signal financial instability to potential...
by crispin0 | May 26, 2025 | Terminologies
An installment loan is a type of loan where the borrower repays the loan in equal monthly payments. These loans are common in online lending apps that offer personal loans or cash advances.
by crispin0 | May 25, 2025 | Terminologies
An installment plan is a type of repayment option that allows borrowers to pay off their loan in fixed, periodic payments. This is common in online lending apps offering personal loans.
by crispin0 | May 24, 2025 | Terminologies
An instant loan is a loan that offers quick disbursement, sometimes in as little as an hour. Online lending apps often provide instant loans with minimal documentation and fast approval processes.
by crispin0 | May 23, 2025 | Terminologies
The interest rate is the percentage charged by the lender on the amount borrowed. It determines how much extra the borrower will pay on top of the principal loan amount over time.
by crispin0 | May 22, 2025 | Terminologies
A late fee is a penalty charged when the borrower fails to make a loan payment by the due date. These fees can accumulate and increase the total cost of the loan.
by crispin0 | May 21, 2025 | Terminologies
A late payment occurs when the borrower fails to make a payment by the agreed-upon due date. Loan apps usually charge a late fee and may report the late payment to credit bureaus.
by crispin0 | May 20, 2025 | Terminologies
A late payment fee is a charge that a lender imposes when the borrower fails to make a scheduled payment on time. These fees can add up quickly and increase the total cost of the loan.
by crispin0 | May 19, 2025 | Terminologies
A lender is an institution or individual that provides loans to borrowers. In online lending, the lender could be a traditional financial institution, a peer-to-peer network, or a fintech company.
by crispin0 | May 18, 2025 | Terminologies
A lending platform is an online marketplace where borrowers can apply for loans and lenders can offer funds. It often facilitates peer-to-peer lending, where individuals lend to other individuals.
by crispin0 | May 17, 2025 | Terminologies
A loan agreement is a legal contract between the lender and borrower that outlines the terms and conditions of the loan. It includes details such as the loan amount, repayment schedule, and interest rate.
by crispin0 | May 16, 2025 | Terminologies
The loan amount is the total sum the borrower requests from the lender. The loan amount is often based on the borrower’s income, credit score, and the loan’s intended purpose.
