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No two loans are alike. Look at bank loans and title loans. They have different requirements and are designed for specific needs. But all loans share similar terminologies as the premise for borrowing money remains the same. It’s your responsibility as a borrower to learn and understand crucial loan vocabulary. Here are some of the most common terms you should remember when getting a fast loan New Westminster British Columbia.
Loan Vocabulary Every Applicant Should Know
- Credit Score: This is a three-digit number that shows your creditworthiness. Most lenders follow the FICO system which has a range of 300 to 800. The good range falls between 670 to 739. Most lenders expect applicants to be within this range.
- Co-Borrower/ Cosigner: It refers to an individual who will share the loan with you. A co-borrower has an equal stake in the transaction. You both will be held responsible for the loan. Meanwhile, a cosigner acts as a guarantor loan. They don’t have a share or interest in the collateral.
- Loan Default: This refers to failing to adhere to the loan agreement. This happens when you pay late or miss payments. You could lose your collateral if you default.
- Equity: This is the difference between the percentage of the collateral that you own against its market value. Most cash for car lenders require the collateral to have substantial equity before it can be approved.
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