Acceleration A clause within a loan agreement that unsecured personal loans austin tx the lender by requiring the borrower to pay off the loan (both the principal and any accumulated interest) immediately if certain conditions occur. Borrower The individual or company receiving money from the lender which will then have to pay back the money according to the terms in the loan agreement.
Collateral An item of worth, such as a house, is used as insurance to protect the lender in the event the borrower is unable to pay back the loan. Default Should sbi personal loan mauritius borrower default due to their failure to pay, the interest rate shall continue to accrue according to the agreement, as set forth by the lender, on the balance of the loan until the loan is paid in full.
Interest (Usury) The cost associated with borrowing the money. Late-Payment If the borrower anticipates that they may be late on their payment, they must contact and make arrangements with the lender. Additional late fees may apply. Lender The individual or company releasing funds to the borrower which will then be payed back their principal, usually with interest, according to sbi personal loan mauritius terms set in the loan agreement. Repayment Schedule An outline detailing the loans principal and interest, the loan payments, when payments are due and the length of the loan.
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