Terms To Understand About A Loan
Terms to Understand About a Loan
J. L. Lane Lending, LLC wants you to understand the terms of receiving a loan from us so that you know how to handle your responsibilities after we fund you. The basic elements we consider for approval and that you must adhere to include the following:
It’s essential that you understand the interest rate or percentage of a principal loan that gets charged to the borrower. When you take out a loan from us, there will be a certain additional amount you will have to pay back on top of the loan amount. A member of our team will discuss the rate that applies to your loan when you visit us and apply, or you can call us to get an estimate based on the amount.
The term is the amount of time you have to repay the loan amount plus interest. This timeframe starts when we first fund you the loan and extends to an agreed-upon end-date in the future. The shorter your term is, the higher your payments will be. Typical installments are due on a monthly, weekly, or biweekly basis. When you come to us for a loan, we will keep you informed about your expected term and when payments are due.
Your ability to repay the loan amount is crucial to us deciding whether to approve it. While a no credit check loan doesn’t depend on your credit score, we do require assurance that we will be reimbursed on time. When you offer collateral in the form of property, equipment, vehicles, or other acceptable goods, we can lend you an amount that’s covered by its value. If you cannot repay the loan amount, we collect your collateral to settle the debt.