Zenith bank personal loan interest rate

A hard money loan is a specialized type of asset-based lending by which a borrower obtains funds secured by real estate. Hard money loans are usually issued by private investors or companies. As with any other secured loan, the interest rate on such a loan is lower than usual due to the presence of a collateral.

Each banking institution has its own procedures, rules and methodologies for examining and analyzing the creditworthiness of a potential borrower applying for a loan. The underwriting procedure results in a positive decision on the loan application or refusal to grant a loan, or a compromise decision: granting a loan, but in the amount and/or under the conditions that are favorable to the bank, even if they differ from the client's expectations. That is, a credit underwriter is a specialist who makes such decisions.

There are several classifications of loans, so let's consider the most common one. According to it, there are three loan categories: bank, commercial and state. In its turn, bank loans are divided into personal, mortgage, loan on overdraft, factoring, forfeiting and intrabank loans. Commercial loans may be of the following types: signature, trade and advance. Finally, the state category is subdivided into state loan, subventions, grants, transfers and state tax loan.

It is very difficult to keep track of all the offers in such a popular segment as payday loans. Because of the huge number of options, often differing only in nuances, it is possible to choose goof offers only with the help of so-called aggregator sites. Here you can see all the offers by different credit organizations, compare them and choose the most suitable for you with the help of convenient filters and a credit calculator.

A payday loan is a small short-term unsecured loan, usually issued by microfinance institutions. The issuance of such loans depends on the consumer's previous wages and employment history. Legislation on payday loans varies widely from state to state. To prevent usury (unreasonable and excessive interest rates), some jurisdictions limit the annual interest rate a lender can charge. Additionally, payday loans assume a higher rate of default on the loan.

Loan origination fee is an upfront fee associated with opening an account with a bank, broker, or other processing entity in connection with obtaining a loan. It is usually a fixed amount, but sometimes the fee is spread over the term of the loan or integrated into the interest rate. It is worth adding that in some countries, loan fees are prohibited at the state level.

First of all, it all depends on what type of credit you are interested in and for which exact amount you are expecting. The requirements will vary depending on the particular loan provider, as well as the specifics of state or national lending laws. In general, though, it's usually a set of documents proving your identity and source of income, as well as your ownership of the collateral.

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.

A loan origination fee is a one-time payment, usually ranging from 0.5% to 1% of the total loan amount, charged by the lender to compensate the costs for processing the loan application. In general, loan origination fees are not required by all loan originating agencies. In fact, they can be even negotiated before you sign a contract. In most cases, however, the absence of a loan origination fee as a separate payment simply increases the interest rate correspondingly.

A subprime loan is a loan that is accompanied by a high level of risk for the lender. Most often the cause of high risk is the status of the borrower (poor credit history, low income, etc.) or the terms of the loan (no collateral for a high loan amount, poor quality of collateral).

A 5/1 arm loan is actually an adjustable-rate long-term mortgage. If talking about the meaning of '5' and '1' figures, it is as follows. '5' means five years during which you have a fixed interest rate, and '1' means one year, which states frequency of changing of your interest rate after the expiration of the first five years. Sometimes these changes might be significant, so you have to start paying way more than before.

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 fixed rate is a system of accruing interest in which the loan payments will be calculated at an unchanging interest rate for the entire term of the loan. That is, the borrower receives the amount at a specific interest rate, which is prescribed in the contract and does not change during the loan period.