Amortizing is to repay the loan, in small but regular installments, that
occur monthly or quarterly, over the term of repayment.
APR (Annual Percentage Rate)
The APR or annual interest rate combines interest rate and other charges
involved in a loan.
Bad credit, which is also known as poor credit and adverse credit
results when the borrower has bankruptcy or repossession in his credit
The balance is the amount remaining to be paid on a loan.
Bankruptcy results when the borrower is completely unable to repay
debts. The courts intervene to erase the debts by liquidating all the
assets of debtor. Since bankruptcy is available on the website of the
debtor for about 6 years, it becomes especially difficult for the
borrower to get credit.
Cash advance loan
Through a cash advance loan, borrowers can get an amount up to $500 to
fill the gap between paydays.
Credit history is a record of the debts that have been taken and the
status of their repayment.
A default takes place when the debtor is not able to repay debts
according to the specified agreement.
Monthly payment is computed by dividing the sum of the principal and
interest on the loan by the total number of payments.
The actual amount borrowed against the loan is called the principal.
Rollover of a payday loan means extending or renewing loan by agreeing
with the lender to pay loan at a renewed term of repayment. This is done
by paying the interest on loan and agreeing to pay the balance of loan
plus new interest later. Payday loans can be rollover for a maximum of