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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.


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.


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.


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.


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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