Loan terminology glossary
The terms and definitions that follow are designed to provide easy, informal meaning for phrases and words you could see on our internet site which could never be familiar for your requirements. The precise meaning of a term or expression depends on where and exactly how payday loans dorset its utilized, as the appropriate papers, including signed agreements, consumer disclosures, interior system policy manuals and industry use, will get a grip on meaning in a specific context. The terms and definitions that follow don’t have any binding impact for purposes of any agreements or any other deals with us. Your Campus Housing Programs Representative or the workplace of Loan tools staff may be very happy to respond to any particular concerns you could have.
ACH:(see Automated Clearing Home)
Amortization: Loan re re re payments by equal regular quantities determined to cover from the financial obligation at the conclusion of a hard and fast duration, including accrued interest in the outstanding stability.
Amortized Loan: that loan become paid back, by a few regular installments of principal and interest, which can be equal or almost equal, without the balloon that is special ahead of readiness.
Anniversary Date: The date upon that your twelfth repayment is due. This does occur when you look at the exact same thirty day period and time every year thereafter on any MOP Promissory Note.
Yearly portion Rate (APR): A percentage price that reflects the quantity of interest charged or earned.
Applicant: An eligible Appointee designated by among the ten University campuses, workplace for the President or, LBNL as eligible to make an application for that loan beneath the UC Residence Loan Program.