FAQ

What is a loan?

A loan is a sum of money borrowed that is expected to be paid back with interest.’

What is a loan application?

A loan application is a document submitted by an individual applying for a loan.

What is a payday loan?

A payday loan is a short-term loan that can help you cover immediate cash needs until you get your next paycheck.

What is a personal loan?

A personal loan is a sum of money you can borrow for almost any purpose, such as car repair, consolidating credit card debt, paying off medical bills, or making home improvement.

What is a home loan (mortgage)?

A mortgage or home loan is a sum of money borrowed from a financial institution or bank to purchase a house.

What is a car loan?

A car loan is a sum of money a consumer borrows in order to purchase a car.

What is a student loan?

A student loan is a type of financial assistance used to pay for college costs.

What is a debt consolidation loan?

A debt consolidation loan is a single personal loan that you use to pay off other debts.

What is a business loan?

A business loan is a loan specifically intended for business purposes.

What is an FHA loan?

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA).

What is an appliance loan?

An appliance loan is kind of personal loan that you get to enable you to pay for a new appliance.

What is a home equity loan?

A home equity loan is essentially a one-time consumer loan using your home as collateral.

What is a SBA disaster loan?

This is a low-interest disaster loan to help businesses and homeowners recover from declared disasters.

Can veterans get loans?

There is a number of financial and educational resources available to military veterans and their families.

What is a bad credit loan?

This type of loan is for consumers who have a low credit score or a poor credit history.

What is an online loan?

An online loan is money that’s borrowed from a lender who operates online.

What is an interest?

Interest is the cost of borrowing money typically expressed as an annual percentage of the loan.

What is a loan term?

A loan term is the period of time between when a loan is received and when the loan is fully repaid.