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Late Payment

by | Sep 22, 2025 | Uncategorized

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.

Loan Approval

by | Sep 22, 2025 | Uncategorized

Loan approval is the process through which a lender agrees to offer a loan to a borrower based on their application. The approval is contingent on various factors, including credit score, income, and other financial indicators. Once approved, the loan terms are...

Loan Application

by | Sep 22, 2025 | Uncategorized

A loan application is a formal request submitted by an individual or business to a lending institution for financial assistance. This request typically requires personal details, credit information, income verification, and other supporting documents. The lending...

Loan Agreement

by | Sep 20, 2025 | Uncategorized

A loan agreement is a legal contract between the lender and borrower that outlines the terms and conditions of the loan. It includes details such as the loan amount, repayment schedule, and interest rate.

Interest Rate

by | Sep 20, 2025 | Uncategorized

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.

Hard Inquiry

by | Sep 18, 2025 | Uncategorized

A hard inquiry occurs when a lender checks a borrower’s credit report as part of the loan application process. This inquiry can affect the borrower’s credit score, and multiple hard inquiries within a short time may signal financial instability to potential...

Grace Period

by | Sep 12, 2025 | Uncategorized

A grace period is the time after a payment due date during which the borrower can make a payment without incurring a penalty. Some loan apps offer a grace period, while others charge fees immediately after the due date.

Discretionary Credit

by | Sep 3, 2025 | Uncategorized

Discretionary credit is the amount a lender is willing to offer based on the borrower’s financial situation, including income and creditworthiness. It’s typically used for small personal loans or cash advances.

E-signature

by | Aug 30, 2025 | Uncategorized

An e-signature is a digital signature used to sign loan documents electronically. Many online lending apps use e-signatures for faster loan processing and to reduce paperwork.