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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.

This material was prepared for general distribution. Although all blog posts are intended to be accurate, the information and third-party links provided in the Mariner Finance’s blog are intended for general knowledge and educational purposes only without any warranties, implied or express, of any kind. The posts do not constitute investment, financial or other advice. Authors may or may not be licensed financial professionals; for specific advice, seek the input of a licensed and trained financial expert. Mariner Finance’s blog entries may also be viewed at www.personalfinancecompany.com.

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†We offer personal loans starting at $1,000 with a maximum up to $25,000, depending on your state of residence. Loans between $1,500 and $15,000 may be funded online. Loans less than $1,500 or greater than $15,000 are funded through our branch network.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

 

Mariner Finance, LLC, NMLS No. 166564 (www.nmlsconsumeraccess.com)
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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