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from: Payday Loan � Terminology for Payday Loans

Payday Loan � Terminology for Payday Loans
By A Procos

Are you planning to use a payday loan cash advance for the first time? Are you acquainted with all the terminologies or facts that will confront you when you apply for the loan? Not to worry. Here is a brief glossary and definitions of some of the most commonly used terms in the payday loan industry.

1. Accrued Interest: Interest you have incurred that is yet to be paid or charged.

2. Appreciation: Increase in value of an asset.

3. APR (Annual percentage rate): The interest rate reflected as a yearly rate, taking into account points and other fees.

4. Application: Documentation to be completed by the borrower which provides the lender with all the necessary personal and financial information about the borrower.

5. Credit Agencies: - Organizations that collect consumer�s credit information and supply it to potential lenders in the form of a report.

6. Credit History: - Provides information regarding borrower�s previous activities regarding repayment or timely payment of debts. It acts as a risk guide to the potential lender.

7. Credit rating: - Your credit rating shows your historical ability to pay off your debts. It is a grading or ranking provided to you by credit agencies

8. Credit Report: - It is a document about your credit history. All your past debts and their payment history are given in detail in this report.

9. Default: The act of failing to meet a financial obligation.

10. Interest: Interest is a surcharge on the repayment of debt (borrowed money).

11. Interest Rate: The rate at which the interest is charged, expressed as a percentage or APR (Annual Percentage Rate).

12. Liability: A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

13. Lender: Individual or organization that provides the loan against a specific interest charge.

14. Loan: Money borrowed that is usually repaid with interest.

15. Monthly Payment: The amount consisting of principal and interest paid to the lender on a monthly basis.

16. Principle Amount: The original amount of the money borrowed from a lender. This does not include interest or fees

17. Renewal: An extension of the loan period on an item, granted to the current borrower

18. Repayment: Payment of a debt or obligation

19. Rollover: A term often used by lenders when they allow a borrower to delay making a principal payment on a loan

To find out more about Payday Loans, Online Payday Service, Instant payday loan, pay a visit to: http://www.paydayloanswebsite.com

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A payday loan is a small unsecured loan, usually for $50 to $1,500, which is designed to meet your financial needs until your next payday. Essentially, you are making out a check for the advanced loan amount, plus a fee, to be held until your next payday, whenever that would be. Whether to get presents or pay a bill.