Article: Guide To Loan Terms
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Guide To Loan Terms
Listed below is a guide to loan terms. It is a useful list of definitions of loan terms that may or may not be familiar to you. Keep it nearby as you will never know when you might need it for quick reference.
Accrue
Process in which interest accumulates on a borrower's loan.
Amortization
A repayment method in which the amount you borrow is repaid gradually though regular monthly payments of principal and interest over the term of the loan.
Annual Percentage Rate (APR)
The APR shows the cost of a loan expressed as a yearly interest rate, including the interest and other fees associated with the loan.
Application
First step in the official loan process to gather and record information about the p...
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