![]() ![]() Your income and employment status play a role in determining the size of the loan amount, as do factors such as the collateral and your credit history. Depending on the type of loan, it can be anywhere from a few hundred dollars to hundreds of thousands of dollars. Loan Amount: Also known as the loan principal payment, this is the amount you’re borrowing. ![]() Knowing common loan terminology also gives you a clear picture of how much a loan will cost you in the long run. When borrowing money, it’s essential to understand the terms a lender will use so you have a clear idea of what you’re borrowing and what your repayment responsibilities are. If you prepay the loan, you’ll end up paying less interest over time and are likely to finish paying it off before the end of the term. Several factors can change your monthly payment amount.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |