by crispin0 | Jun 18, 2025 | Terminologies
This is a fee charged by lenders for processing a loan application. It covers the administrative costs of reviewing and processing the borrower’s request. Not all loan apps charge an application fee.
by crispin0 | Jun 17, 2025 | Terminologies
APR represents the total cost of borrowing, including interest and fees, expressed as an annual percentage. It provides borrowers with a clear understanding of the cost of a loan over a year. A higher APR indicates a more expensive loan.
by crispin0 | Jun 16, 2025 | Terminologies
A balance transfer allows a borrower to move an existing debt from one loan or credit account to another, usually to secure lower interest rates. Many online lending apps offer this service to borrowers with high-interest debts.
by crispin0 | Jun 15, 2025 | Terminologies
The borrower is the individual or business applying for the loan. Borrowers are required to meet certain criteria, such as a minimum credit score, before they are eligible for approval.
by crispin0 | Jun 14, 2025 | Terminologies
A cash advance is a short-term loan, often provided via credit cards or payday loan apps. It allows the borrower to access funds quickly, usually with higher interest rates. Cash advances are typically meant for emergencies.
