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Month: July 2018

What Does Total Paid on a Loan Mean?

Total paid is the total amount of principal and interest that is paid over the entire term of the loan. This can be determined by taking the monthly payment amount and multiplying it by the number of payments. As an example, Ken has fulfilled the terms of the installment loan he got to help his […]

What Does Term on a Loan Mean?

The term is the amount of time it takes to pay off the loan; usually in months. For example, 4 years would be 48 months (4 years times 12 months). By way of illustration, let’s say Brock is approved for an installment loan he plans to use towards the balance on a new car he […]

What is a Principal on a Loan?

The principal of a loan is the amount of money borrowed before interest is applied. Essentially, it is the cost of the item, and the amount owed decreases with each payment. The principal might help a borrower cover the full financial need of a particular situation, such as covering an emergency expense, or it might […]

What is Pre-Approval?

In relation to personal loans, pre-approval is a term describing the borrower’s credit worthiness to take out a loan and how much they are able to borrow should they decide to go through with the process. Pre-approval on a loan is based on a number of measurable factors, including: Income Assets Credit score Employment Documentation […]

What is Monthly Payment?

A monthly payment is the amount paid each month until the loan is fully paid off. It consists of the interest rate, term of the loan, and the principal. In an installment loan application, borrowers are set up on an amortization repayment schedule which creates equal payment amounts every month. For instance, if Meredith has […]

What is the Military Lending Act?

The Military Lending Act of 2007 established protections for active duty members and their dependents. It instituted lending restrictions for “consumer credit” transactions such as closed-end auto title loans, closed-end payday loans, and income tax refund anticipation loans. In July of 2015, President Obama and the Department of Defense issued a Final Rule on the […]

What is an Interest Rate on a Loan?

The interest rate is a fee the lender charges to the borrower for borrowing money. It can be a fixed interest rate (only one primary amount) or a variable interest rate (primary amounts vary). For example, Jesse has a fixed interest rate of 3% on an $800 loan he took out to pay for a […]

What Does Interest Paid Mean?

The total amount of interest paid over the term of the loan. It is calculated by the total paid minus the principal. By way of illustration, let’s say that Joyce finishes paying off the installment loan she took out to complete some home repairs. Her original balance (the principal) was $350. The total she paid […]

What is Loan Interest?

Interest is an additional percentage of a loan payment that is added to the principal of a loan paid every month to the lending agency (oftentimes, a bank) in exchange for holding the loan. The interest on a loan, once the loan is paid in full, is in addition to the principal amount the borrower […]

What is an Installment Loan?

A traditional installment loan (TILs for short) is when you borrow a specific dollar amount from a lender and you agree to pay the loan back in two parts: a portion of the payment going to the principal, and a portion of the payment going to the interest. The principal is the amount the person […]