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.
