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Common Loan Application Terms Defined

common loan application terms defined

When applying for credit, it is very important that you understand the type of information that will be asked of you. By knowing common application terms and their meanings, you will be prepared with the proper information and have the knowledge and confidence to understand why this information is important. Our branch managers helped us define a list of terms you should expect to hear during the application process. If you are still confused after reading, don’t hesitate to contact one of our loan professionals today.

Amount Financed: The total amount of credit that is being granted on the borrower’s behalf.

Amount Requested: The dollar amount of credit you as the applicant want to obtain.

Annual Percentage Rate (APR): Amount of interest expressed as a yearly rate.

Applicant: A person in need of a loan, but has not been approved or denied yet.

Assets: Anything that is of positive economic value. These could be tangible or non-tangible items.

Borrower: A person who is approved for a loan and now has a contractual agreement with a lender.

Co-Applicant: An additional applicant (see above definition) on the loan application. If the loan is granted, this now co-borrower is equally responsible for repayment of the loan.

Finance Charge: Amount the credit will cost the consumer if the loan is repaid as agreed.

Gross Monthly Income: How much you make before taxes.

Individual Credit: Money applied and/or granted to one person.

Joint Credit: Money applied and/or granted for more than one person.

Loan Application: An official request for credit (either verbally or in writing) that you, as an applicant, must make to a lender in order to be considered for a loan. The information provided in the application allows the lender to evaluate and approve or deny your request.

Liabilities: Financial obligations.

Net Monthly Income: How much you make after taxes and deductions.

Personal Property: Your belongings that could be worth something of positive value.

Still have questions? Contact your local Mariner Finance branch today to speak with a knowledgeable member of our team. At Mariner Finance we make loans for any reason, and will work with you to find a solution that best meets your budget and your needs. Apply for a loan online today.

The information provided in this article does not constitute financial advice and is provided for educational purposes only without any express or implied warranty of any kind. This article is not intended as legal, tax, investment, or any other advice, and Mariner Finance does not offer credit repair services. Consider talking with an appropriate qualified professional for specific advice. Blog posts are for informational purposes only.