Online loan finder

First of all, you need to know under what scheme you have to pay the loan: annuity or differential. Each of the schemes has its own formula, which can be found in a couple of seconds on the Internet. The repayment scheme is spelled out in the contract. You also need to know the basic terms of the loan, including the interest rate, and any additional payments.

Gradual repayment of the loan through regular payments of principal and accrued interest is the amortization of the debt. Specific repayment terms are determined according to the concluded loan agreement and are fixed in the payment schedule. The payments are broken down for the entire term of the loan agreement and consist of the 'principal' (original amount of the loan) and interest. The amount of the amortization charges in this case shows the total amount of repayment at the moment.

A pay day loan is a type of short-term personal credit without collateral. The service got its name due to very popular need among the population to urgently get a small amount of money until the next paycheck. Pay day loans are mostly issued by microfinance organizations, but large banks do not refuse this segment of the credit market either.

A non recourse loan is a secured loan (in which the collateral is most often real estate) which has a very important feature. If the borrower fails to fulfill his obligations under the loan agreement, he is liable to the lender only to the extent of the collateral, even if its value is less than the amount of the borrower's obligations to the lender.

To understand the big picture when choosing a loan offer, it is very useful to calculate the actual annual percentage rate (APR) on the loan. It includes not only the interest rate, but also all the additional fees and costs explicitly or implicitly included in the loan agreement. In principle, APR can be calculated manually using the formula, but there have long been special and very handy calculators for this purpose on the Internet.

A loan margin is defined as the difference between the appraised value of a product or service and the amount of the loan issued by the bank for the purchase of that product or service. These two figures are fixed in the loan agreement at the time a borrower applies for a loan.

A conventional loan is a type of mortgage, the peculiarity of which is the absence of state guarantees. On the one hand, it can be considered a certain disadvantage, but on the other hand, the non-participation of the state makes the terms of the loan much more flexible.

Broadly speaking, a lender or a creditor is a loan provider, that is a person or legal entity giving funds to a borrower on the condition that they will be returned within a certain period of time and in a certain amount. The basis on which the borrower must satisfy the creditor is the contract, which specifies all the conditions under which the creditor provides the funds to the borrower. The lender has the option of assigning a loan to another person. In such a case, however, he or she must notify the borrower.

A jumbo loan is a mortgage that exceeds a certain limit set by the U.S. government. It should be noted that the specific value for a loan to be called jumbo varies for each state, mortgage type, and year. For example, in 2021, the limit on an FHA loan for a single-family property in many states is $548,250.

A loan pre-approval is an agreement in principle by a particular lender to lend a specified amount to a particular borrower on exact terms and conditions. In fact, a loan pre-approval is a preliminary stage prior to the lender's final approval and signing of the loan agreement.

An FDA (Federal Department of Agriculture) loan means a government low-interest loan system designed for people who are unable to take advantage of a standard mortgage. The main features of FDA loans are that there is no down payment and that the borrower may only purchase a home in clearly designated rural or suburban areas.

In essence, a loan estimate is the same thing as a loan disclosure, only in a preliminary form and solely for introductory purposes. It is a document containing detailed information on the selected loan proposal, including the interest rate, term, repayment schedule, etc.

Obviously, an interest rate, as well as other conditions of personal loan may differ significantly depending on a number of factors, including the amount of the loan, a borrower's credit history, annual income, etc. If you examine the range of values, the interest rate on a personal loan can vary from 2% to 40%. However, on average we can talk about the range of 10% to 20%.