Suntrust Bank Personal Loans

Question 1

What is loan margin?

Answer

A loan margin refers to the extra amount a lender charges the borrower over and above the amount of loan in order to cover the cost of the loan. The costs could comprise origination fees, points as well as other charges imposed by the lender. The margin is expressed as a percentage of total amount of the loan. If the lender is charging 5% to $100,000 in loan amounts, the margin is set at $5,000. Suntrust Bank Personal Loans.

Question 2

What is a fixed-rate loan?

Answer

A fixed-rate loan is one where the interest rate stays the same for the entire life of the loan. This is in contrast to an adjustable rate loan in which the interest rate may fluctuate over time. Fixed-rate loans can be advantageous for those who wish to know what their monthly payment is and what they'll be liable for in the future. But, since the interest rate is fixed at the point of origination, loan borrowers might end up paying more for a fixed rate loan than they would with the variable rate loan in the event that interest rates increase later. Suntrust Bank Personal.

Question 3

How do you calculate monthly payments for a loan?

Answer

There are a variety of ways to calculate the monthly payment on a loan. The amortization schedule for a loan is one of the ways to calculate monthly payments. An amortization schedule will show the percentage of each monthly payment is used to pay principal and interest. You can also use an online calculator to calculate your monthly payments. A financial calculator is a tool to calculate monthly payments, as well as other important financial metrics like APR and total interest paid. Suntrust Personal.

Question 4

What is a line of Credit?

Answer

A line is a loan from a bank or other financial institution which allows you to borrow money up to a specific amount. You can choose to take the entire amount at once , or you could spread it out over the duration of. A line of credit can be beneficial if you want to finance a big purchase, like an automobile or a home but don't want take on the entire expense upfront. If you are sure you'll need the cash in the near future, but do not want the hassle of applying for another loan, then a line of credit could be a great alternative. With a line of credit you'll be able to set an interest rate and a monthly payment, so you'll always be aware of the amount you're borrowing and the amount. Suntrust Bank Personal Loans.

Question 5

What is subprime lending?

Answer

A subprime mortgage can be described as a loan given to borrowers with low credit scores, and who do not meet the other lending requirements. Lenders often offer higher interest rates for subprime loans due to an increased chance that the borrower will not be able to repay the loan. Subprime loan borrowers are commonly referred to as "subprime borrower". This term is used for people who are at risk because they have low credit scores, have defaulted on debts in the past or are in arrears with their payments. Suntrust Bank Personal.

Question 6

What is the typical interest rate for a personal loan?

Answer

The typical interest rate for a personal loan is different depending on the borrower's credit score and other factors. As of March 2018, the nationwide average for personal loans was 10.75 percent. Suntrust Personal.

Question 7

What are the best ways to obtain low-credit loans?

Answer

There are several options to obtain a loan even with poor credit. One alternative is to apply for an instant, or payday loan. Be conscious that payday loans come with high interest and fees. You can also look into peer-to-peer lending sites such as Prosper and Lending Club. These websites allow you to take out loans from private lenders, and the interest rates are usually much lower than for payday or short-term loans. Another option is to use an agency for credit counseling which can assist you in improving your credit scores as time passes. Suntrust Bank Personal Loans.

Question 8

What is a pay day loan function?

Answer

Payday loans are a type of loan which is offered to those who require money fast to pay for unexpected costs. They typically come with a short repayment time (typically two weeks) and are for an amount that is small (between 50 and $500). The borrower must be able to prove a steady source of income and have a checking account in order to qualify to receive a loan. Also, proof of identification as well as employment are required. Payday loans come with a very high interest rate so only apply for loans you are able to afford and pay the loan on time. When you are applying for a payday loan it's essential to do some research to determine the best interest rate. Suntrust Bank Personal.

Question 9

What exactly is a sub-prime mortgage?

Answer

Sub prime loans are one type of loan that is available to borrowers with low credit scores. They are considered to be high-risk and thus are being charged higher interest rates than those with better credit scores. Suntrust Personal.

Question 10

What is an assumption mortgage?

Answer

An assumption loan is a kind of mortgage that is where the buyer assumes the seller's mortgage. The buyer usually takes this on by taking the money from a lender which then repays the lender who was previously the seller's. The buyer is required to make monthly payments towards the lender of choice. A loan based on assumption has the advantage that it doesn't require closing costs and can be completed faster than traditional mortgages. However, the downside of an assumption loan is that the purchaser could default on their payments and be held responsible for both the original mortgage as well as the new one. Suntrust Bank Personal Loans.

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