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Loan Basics

Loan basics to help you understand how a loan works.

  • When you borrow money from a bank, it is called a loan.
  • The amount you borrow, which is also called the principle balance, is paid back to the bank along with interest and applicable fees.
  • The loan payment amount will be based on how much you borrow, the interest rate and the loan term.
  • The interest rate is the rate the bank charges to loan you money.
  • The loan term is the time it will take to pay back the loan (example: 12 months, 36 months, etc.).
  • Banks will require an application to be completed to apply for a loan.
  • Banks will consider your credit score and income along with other factors when determining if you are approved for a loan.

 

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