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.
by crispin0 | May 15, 2025 | Terminologies
A loan application is a formal request submitted by an individual or business to a lending institution for financial assistance. This request typically requires personal details, credit information, income verification, and other supporting documents. The lending...
by crispin0 | May 14, 2025 | Terminologies
Loan approval is the process through which a lender agrees to offer a loan to a borrower based on their application. The approval is contingent on various factors, including credit score, income, and other financial indicators. Once approved, the loan terms are...
by crispin0 | May 13, 2025 | Terminologies
Default occurs when a borrower fails to make scheduled loan repayments as outlined in the loan agreement. If the borrower defaults on a loan, the lender may initiate collections or take legal action to recover the money owed.
by crispin0 | May 12, 2025 | Terminologies
Loan disbursement is the process of transferring the approved loan amount to the borrower’s account. This typically happens after the loan agreement is signed and the funds are made available for use. The disbursement may occur as a lump sum or in...
by crispin0 | May 11, 2025 | Terminologies
Loan eligibility refers to the criteria a borrower must meet to qualify for a loan. Online lending apps typically set these criteria, which include factors such as credit score, income level, and employment status.
by crispin0 | May 10, 2025 | Terminologies
Loan modification involves changing the terms of an existing loan, often to reduce the borrower’s monthly payments or extend the repayment period. This option is sometimes offered by online lending apps to borrowers in financial difficulty.
by crispin0 | May 9, 2025 | Terminologies
Loan refinancing involves replacing an existing loan with a new one, usually at better terms. This may include a lower interest rate, extended loan term, or reduced monthly payment. It’s often used to manage debt or improve financial conditions.
by crispin0 | May 8, 2025 | Terminologies
Loan renewal is the process of extending an existing loan’s term, often with new terms such as a different interest rate. Some online lending apps allow for loan renewals to help borrowers avoid default.
by crispin0 | May 7, 2025 | Terminologies
A loan repayment calculator is a tool provided by many loan apps that helps borrowers estimate their monthly payments based on the loan amount, interest rate, and loan term.
by crispin0 | May 6, 2025 | Terminologies
Loan servicing refers to the management of a loan after it’s issued. This includes collecting payments, processing requests for modification, and providing customer support.
by crispin0 | May 5, 2025 | Terminologies
The loan term refers to the period during which the borrower must repay the loan in full. It can range from a few days to several years. Loan terms impact the interest rate and monthly repayment amount.
by crispin0 | May 4, 2025 | Terminologies
A loan tracker is a feature in some loan apps that allows borrowers to track their loan status, upcoming payments, and remaining balance. It helps borrowers manage their debt more effectively and stay on top of their repayments.
