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What is the start date to calculate the commitment fee?
The start date to calculate the commitment fee depends on the loan. Often the commitment fee starts as soon as the loan is processed and the borrower has signed on the loan.
What is the difference between a revolving loan vs an installment loan?
A revolving loan is one where you have access to a continuous source of credit, up to a pre-determined credit limit. If the limit is say, $10,000, you can borrow any amount up to $10,000. And typically, you can repay all or part of the amount you borrowed at a time of your choosing, within the overall tenor of the loan. You pay interest only on the amount you borrow for the time you borrow it. Sometimes, banks may charge a commitment fee for making a revolving line of credit available to you. This fee is usually charged on the average unutilized amount of your limit. You can also re-borrow the amount you have repaid. In effect, you have a loan that's always available to you on demand. Unlike revolving loans, installment loans have a fixed repayment schedule. In most cases, the full amount of the loan is drawn down (i.e., borrowed) at once and both repayment schedule and amounts are fixed in advance. You do not have the option to re-borrow the amount that has been repaid.
Can a lender charge a 500 dollar up front fee to lock in an interest rate on a refinance loan?
They can charge a commitment fee or a lock fee, most certainly. Not everyone does it but it depends on the lender, it is not uncommon though.
Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?
To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.
What is an origination fee?
An origination fee is a payment associated with the establishment of a new loan. This fee is paid to the bank (or perhaps the broker) that provides the loan or services associated with taking out a loan.
What is the start date to calculate the commitment fee?
The start date to calculate the commitment fee depends on the loan. Often the commitment fee starts as soon as the loan is processed and the borrower has signed on the loan.
What is the difference between a revolving loan vs an installment loan?
A revolving loan is one where you have access to a continuous source of credit, up to a pre-determined credit limit. If the limit is say, $10,000, you can borrow any amount up to $10,000. And typically, you can repay all or part of the amount you borrowed at a time of your choosing, within the overall tenor of the loan. You pay interest only on the amount you borrow for the time you borrow it. Sometimes, banks may charge a commitment fee for making a revolving line of credit available to you. This fee is usually charged on the average unutilized amount of your limit. You can also re-borrow the amount you have repaid. In effect, you have a loan that's always available to you on demand. Unlike revolving loans, installment loans have a fixed repayment schedule. In most cases, the full amount of the loan is drawn down (i.e., borrowed) at once and both repayment schedule and amounts are fixed in advance. You do not have the option to re-borrow the amount that has been repaid.
Can a lender charge a 500 dollar up front fee to lock in an interest rate on a refinance loan?
They can charge a commitment fee or a lock fee, most certainly. Not everyone does it but it depends on the lender, it is not uncommon though.
What is the best website to calculate car loan payments?
You can use online websites to automatically calculate your car payment on a car loan. Also, the car company should have let you know what the monthly fee would be when you bought the car.
Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?
To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.
What is an origination fee?
An origination fee is a payment associated with the establishment of a new loan. This fee is paid to the bank (or perhaps the broker) that provides the loan or services associated with taking out a loan.
What is the meaning of a loan origination fee?
A loan origination fee is a term that describes a fee charged by the lender to pay for the costs of evaluating, preparing and submitting the proposed mortgage loan.
What is originating fee?
An origination fee is a payment associated with the establishment of a new loan. This fee is paid to the bank (or perhaps the broker) that provides the loan or services associated with taking out a loan.
What is the typical percentage fee on a factoring loan?
Thge typical fee on a factoring loan is 10%. This fee can vary depending on the servicing company.
Do legitimate loan companies charge a fee for a loan?
No, they do not. Such that do are refered to as "advance fee" scams. Best avoided.
What is the maximun interest fee ion a pawn loan in CA?
What is the maximun interest fee on a pawn loan in CA?
What is the monthly principal and interest fee?
At www.HSH.com you can quickly calculate what your principal and interest will be on the life of your loan. Just enter the information asked for and the calculator will do the work for you.
