The principal of a loan is the initial amount of money that you borrow. The interest rate is the percentage of the principal that you pay to the lender as a fee for borrowing the money. Checkout this video: What is the Principal of a Loan? The principal is the original loan amount plus any…
A direct loan is a loan from the federal government that you repay with interest. You may be able to get a Direct PLUS Loan to help pay for your education if you’re a graduate or professional student, or a parent of a dependent undergraduate student. Checkout this video: What is a Direct Loan? A…
A loan shark is a person who offers loans at extremely high interest rates, often without regard for the borrower’s ability to repay. Loan sharks sometimes enforce repayment by blackmail or threats of violence. Checkout this video: What is a loan shark? A loan shark is a person who offers loans at extremely high interest…
You’re stuck in a car loan you can’t afford. Here’s how to get out of it. Checkout this video: Assess Your Situation You may find yourself in a situation where you can no longer afford your car payments and you need to get out of your car loan. The first thing you need to do…
A conventional loan is a type of mortgage loan that is not backed by a government entity, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Conventional loans are available in a variety of terms, including fixed-rate and adjustable-rate mortgages. Checkout this video: Introduction A conventional loan is a type…
Applying for a construction loan is a little different than applying for a regular mortgage. Here’s a look at how to get a construction loan. Checkout this video: What is a construction loan? A construction loan is a short-term loan-usually about a year-used to finance the cost of building or remodeling a home. With a…
If you’re wondering who qualifies for a PPP loan , you’re not alone. With the Paycheck Protection Program being a key part of the CARES Act, many small businesses are wondering if they will be eligible for this life-saving funding. Checkout this video: Eligibility To be eligible for a PPP loan, you must be a…
Find out which set of items appears on a Loan Estimate form and how to fill it out correctly. Checkout this video: Understanding the Loan Estimate The lender must give you a Loan Estimate within three business days of receiving your loan application. The Loan Estimate tells you important information about the loan you have…
Refinancing your car loan can save you money each month. We’ll show you how to refinance and how to get the best rate. Checkout this video: Introduction If you’re struggling to make your car loan payments, you may be wondering if you can refinance your car loan. Refinancing your car loan can save you money…
A Parent PLUS Loan is a federal student loan that is available to the parents of dependent undergraduate students. PLUS Loans can help pay for education expenses up to the cost of attendance minus any other financial aid the student may receive. Checkout this video: What is a Parent Plus Loan? A Parent PLUS Loan…