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Loan contracts come in all kinds of forms and with varied terms, ranging from simple promissory notes between friends and family members to more complex loans like mortgage, auto, payday and student loans. Banks, credit unions and other people lend money for significant, but necessary items like a car, student loan or home. Other loans, like small business loans and loans from the Department of Veterans Affairs, are only available to select groups of people. And two atypical loans are payday loans and loans from a retirement account.
The two basic categories of consumer credit are open-end credit and closed-end credit. Open-end credit, also called revolving credit, requires monthly payments that are less than the total amount due. Examples of revolving credit are credit card accounts and home equity lines of credit. In each case, consumers can use their credit while paying on their account balance.
Regardless of type, every loan – and its conditions for repayment – is governed by state and federal guidelines to protect consumers from unsavory practices like excessive interest rates. In addition, loan length and default terms should be clearly detailed to avoid confusion or potential legal action.
If you are in need of money for an essential item or to help make your life more manageable, it’s a good thing to familiarize yourself with the kinds of credit and loans that might be available to you and the sorts of terms you can expect In addition, loan length and default terms should be clearly detailed to avoid confusion or potential legal action.