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While financial organizations use different (usually proprietary) criteria to underwrite loans, in general, financial institutions are looking for the following five Cs when advancing a loan to someone:
* CAPACITY (how will the loan get repaid; what is one's capacity to repay the loan)
* CAPITAL (how much are you personally invested already to warrant a loan; for consumers, capital is equivalent to a down-payment)
* COLLATERAL (what guarantees are in place to protect the bank from your non-payment; a house is the collateral for a mortgage)
* CONDITIONS (where are you at when you ask for the loan and where is the general economy at when you request a loan)
* CHARACTER (subjective decision as to whether you will pay back a loan, sometimes based on references, sometimes based on a conversation)
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What is a discounted bank loan?
it is when interest is paid in advance at the beginning of the loan term on a discount loan
What word means to ask the bank to advance money?
Loan
What information does a person need to provide when they apply for an advance payday loan?
It depends, but most lenders require: applicants to be 18 or older, have a job, and have a bank account, so that the lender can get the funds once the loan is due.
Difference between loan and advance?
The difference between a loan and an advance is that loans are contractual agreements that have terms for repayment. A loan is money that you get from someone or a bank that you will pay back, usually with interest. An advance is money that you get based on future earnings such as a paycheck. If you take an advance on your earnings, your next check will be smaller by the amount of the advance.
Can you get a bank loan if you are 17?
Depending on the state. Most states require to be 18 but it is possible for you to get a loan but with a co-signer
What is a discounted bank loan?
it is when interest is paid in advance at the beginning of the loan term on a discount loan
Which bank is contracting a loan advance?
There are many banks that offer a loan advance. You will have to look for a specific bank that is in your location. Some examples of these banks would be discountadvances and advanceamerica.
What word means to ask the bank to advance money?
Loan
What information does a person need to provide when they apply for an advance payday loan?
It depends, but most lenders require: applicants to be 18 or older, have a job, and have a bank account, so that the lender can get the funds once the loan is due.
Difference between loan and advance?
The difference between a loan and an advance is that loans are contractual agreements that have terms for repayment. A loan is money that you get from someone or a bank that you will pay back, usually with interest. An advance is money that you get based on future earnings such as a paycheck. If you take an advance on your earnings, your next check will be smaller by the amount of the advance.
How do I get a trust cash advance?
A trust cash advance can be obtain by your bank, job or wages stubs submitted to a loan company.
Can you get a bank loan if you are 17?
Depending on the state. Most states require to be 18 but it is possible for you to get a loan but with a co-signer
What is pledge loan?
pledged loan -- A mortgage loan that has been identified and set aside as security for borrowing by the holder of the mortgage; particularly a loan that has been pledged as security for an advance from a Federal Home Loan Bank.
If you have a loan with a bank already can you ask them for more money on that loan?
If it's a term loan (fixed payments, fixed period, fixed rate, etc - ie not a line of credit), it will require a new loan. The new loan will fund the old loan in its entirety and the additional amounts borrowed. If you do a lot of business with a particular bank and they consider you a valuable customer, they will pull strings to keep you happy and in certain cases they may advance additional prinicpal on a loan, but it is very rare. If it is a line of credit then you can draw on it as necessary.
What is the maximum amount of cash loan that I can borrow in advance?
At most cash advance loan places, the most a person can borrow at all is $500, but they will look at the person's bank statement and based on their wages, they will decide on a person to person basis what their loan max should be.
How can I get an emergency cash advance on a loan from Bank of America?
I would suggest going directly to the bank and inquiring. Banks don't generally participate with cash advances. If you have perfect credit go for a signature loan.
What is the purpose of using a check cash advance loan?
It allows an easier payment and is also a quicker methods of receiving a loan. It is important to research this further and receive individual advice if you require a loan.
