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Loan Repayment Definitions
United States - All States
This article talks about Loan Repayment Definitions and terms you should become familiar with next time you want to take out a loan. It is important to understand the terms that institutions use when you are in need of credit.

Balloon payment:

1. Large lump sum paid as final payment due at the end of a loan.

Balloon payment bullet loan:

1. Loan which is initially repaid at a low interest rate and then becomes due in one large lump sum.

Collection agency:

1. Agency that collects payments on unpaid bills.

2. Firm that collects payments on delinquent loans.

3. Business that collects unpaid bills for other companies.

Date of payment:

1. Date on which a payment is due, this could be for a simple loan, mortgage or car payment.

Hypothetical agreement:

1. Agreement concerning imposition of a right to take anothers property as guarantee that a loan will be repaid

Increased loan:

1. Loan which has been added to a previous loan that was not actually repaid in full.

Installment payment loan:

1. Loan which is repaid through several predetermined payments.

Liquidation cost per loan:

1. Cost that includes repayment of a loan.

Monthly payment loan:

1. Loan that is paid off in monthly installments.

2. The monthly repayment on a loan.

Mutual borrower:

1. One of several factors that is obligated to repay a loan together.

Pledged asset:

1. Property which is used as a guarantee for repaying a loan.

2. Assets that give surety or assume responsibility for money that was loaned.

Single payment loan:

1. Loan in which the balance is paid off in one payment.

Term loan:

1. Loan for a fixed period of time that is repaid in full at the end of the term

Took on loan:

1. Borrowed, took temporarily with the intention of returning it.

Interest:

1. The price paid for borrowing money, or payment received for lending, these rates can change with the market or remain fixed.

Basic interest loan:

1. Loan given at a slightly higher interest rate than the rate of the daily account

Cost of borrowed funds:

1. Total cost borrowing money (including interest and commission that needs to be paid)

Discount loan:

1. Loan whose interest rate is lower than the amount of the fund at the time it was granted.

Interest rate:

1. Rate of the money that is paid for a financial service.

2. The percentage of a loaned amount of money charged for its use.

Level payment loan:

1. Loan which is paid off in a set number of equal payments including interest (first the interest is set and then the principal is set)

Linked loan:

1. Loan whose principal (and sometimes interest) is linked to the index or to the rates of exchange.

Micro lending:

1. Act or practice of giving very small loans at low interest to an unemployed person or poor entrepreneur to enable her/him to become independent and work for oneself.

2. Sometimes these interest rates can be extremely high.

Variable interest loan:

1. Loan with a interest rate that is not fixed during the term of the loan, it can change depending on various criteria.

Consolidation:

1. Something that has consolidated into a single mass.

Increase amount of loan guarantees:

1. To increase the total surety placed for a loan.

Loan forgiveness:

1. The act of Writing-off debt, cancellation of an unpaid debt.

Loaning:

1. Lending of money or property expecting that same or an equivalent will be returned.

Loan monger:

1. A dealer in, or negotiator of, loans.

2. An agent who allows the temporary provision of money.

Over financing:

1. Taking of a loan too large for the needs of a business.

2. "They had taken on a greater amount of money than was required"

Debt capacity:

1. Extent of loans one can take at a reasonable interest rate

Debt service:

1. In Finance: money paid for loans.

2. The interest and principal paid on a debt over a given period of time.

Liquidity:

1. A company and its ability to pay off its short term debt with short term assets.

Short term debt:

1. Loan for a short period of time, loan for a period which is not longer than one year




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