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Promissory Note Due on a Specific Date?
Get StartedThe Due on a Specific Date Promissory Note is a document that specifies the terms, rights, and obligations that apply to a loan. The party making the loan is the "Lender" and the party borrowing the loan funds is the "Borrower." The Note includes provisions regarding the amount of the loan, the interest rate, the date by which the loan must be repaid, and general provisions for enforcing the repayment of the loan.A loan under a Due on a Specific Date Promissory Note must be repaid by the Borrower to the Lender on a specified due date.
What is an outstanding loan?
Simply put it is a loan that has yet to be repaid.
Is a 401k loan taxable?
A 401(k) loan is not taxable as long as it is repaid according to the terms set by the plan. If the loan is not repaid, it may be considered a distribution and subject to taxes and penalties.
What is a person called who signs a loan with the borrower guaranteeing that the loan will be repaid?
A guarantor.
What form of financial assistance have to be repaid?
stafford loan
What happens if collateral used for loan is sold before the loan is repaid?
You are still responsible for paying the loan as before.
What is the Date on which money borrowed or loan is to be completely repaid?
The date on which money borrowed or a loan is to be completely repaid is known as the loan's maturity date. This is the final due date by which the borrower must repay the entire principal amount along with any accrued interest. It is typically specified in the loan agreement and can vary depending on the terms set by the lender. Failure to repay by this date may result in penalties or default.
What is a loan defaulter list?
List of people who haven't repaid
What if you sell the car and you have a title loan out on it?
That's illegal. Technically, if you 'borrow' money against your vehicle, the car becomes the property of the loan company until you've repaid the loan. If you sell the car before the loan is repaid, you're likely to land yourself in court !
What type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called?
The type of insurance designed to pay off a loan if the debtor dies before it is repaid is called "credit life insurance." This insurance provides financial protection to borrowers' beneficiaries by covering the outstanding loan balance upon the borrower's death, ensuring that loved ones are not burdened with the debt.
Can you get a loan for someone else?
Yes, but you will be the one responsible for repayment, and it will be your collateral that is seized or forfeited if the loan is not repaid.
What is a short term bank loan?
A loan you take out which is usually repaid within 1-4 years.
