Glossary of Terms
We recognize that some monetary terms can be confusing. We hope the after explanations are helpful.
Advance loan A secured or unsecured loan typically necessary to cover an unexpected bill or purchase a thing that wasn't prepared. It is built to have the mortgage authorized and paid back quickly.
Bad Credit Loan an individual loan agreed to clients with a ‘bad credit rating’.
Good Credit Loan an individual loan provided to clients with a credit rating’ that is‘good.
Bond Loan an individual loan that could be used to pay money for any/all associated with after:
- A leasing relationship
- The initial fourteen days of rent
- Any expense linked with relocating.
Secured Loan an individual loan for that your debtor provides a secured item (for instance their automobile) that serves as safety for the loan. The financial institution has the right to sell this asset in the event that debtor will not back pay the loan.
Unsecured Loan an individual loan for that the lender hinges on the borrower’s signed contract because their dedication to repay it. The debtor will not provide any asset as protection.
SACC SACC may be the abbreviation for a little bit Credit Contract. SACC’s are unsecured loans corresponding to or lower than $2000. All SACC’s have that loan term between 16 times to at least one 12 months. 4percent for the loan quantity could be the maximum month-to-month charge and 20% associated with loan amount may be the establishment fee that is maximum.
This is certainly an unsecured loan that is personal.
MACC MACC could be the abbreviation for a moderate Amount Credit Contract. MACC’s are unsecured loans higher than $2000 and corresponding to or lower than $5000. All MACC’s have that loan term between 16 times and 24 months. A complete of $400 plus 48percent of this loan quantity is the absolute most that may be charged as a whole for the charges, interest and fees.