Loan Basics Q&A
- What is an APR?
Annual Percentage Rate or APR is the figure that represents the amount of interest a lender will charge you as a yearly percentage.
- What is a loan?
A loan is an arrangement between lender and borrower where the lender provides the borrower with money and the borrower promises to return it at a later date, usually along with interest.
- What is a student loan?
Student loans are a popular form of financial aid used by college students.
- What is a mortgage?
A mortgage is an amount of money borrowed from a bank or other lender for purchasing a property.
- What is a home equity loan?
A home equity loan is a form of financing where your home is put down as collateral and security for the loan.
- What is a secured loan?
A secured loan is a loan requiring you to put up some type of collateral as security for the loan repayment.
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