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What happens when a borrower pays off a pawnshop loan?
When a borrower pays off a pawnshop loan, they regain ownership of the collateral item they had pawned. The pawnshop will return the item after confirming that the loan, including any interest and fees, has been fully paid. This process typically allows the borrower to retrieve their belongings without any further obligations, assuming the loan is settled within the agreed terms. If the loan is not paid off within the specified time, the pawnshop may sell the item to recover the loan amount.
How is a primary borrower's credit affected if he or she defaults on a loan but the cosigner pays the loan?
The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
Is the Perkins Loan subsidized or unsubsidized?
The Perkins Loan is a subsidized loan, meaning the government pays the interest while the borrower is in school and during deferment periods.
How does life insurance on a car loan work?
Life insurance on a car loan works by providing coverage that pays off the remaining balance of the loan if the borrower dies before the loan is fully repaid. This ensures that the borrower's loved ones are not burdened with the debt in the event of their death.
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
What happens when a borrower pays off a pawnshop loan?
When a borrower pays off a pawnshop loan, they regain ownership of the collateral item they had pawned. The pawnshop will return the item after confirming that the loan, including any interest and fees, has been fully paid. This process typically allows the borrower to retrieve their belongings without any further obligations, assuming the loan is settled within the agreed terms. If the loan is not paid off within the specified time, the pawnshop may sell the item to recover the loan amount.
When a borrower pays the delinquent amount on a loan and resumes making regular payments the loan is considered?
current, in good standing, etc.
How is a primary borrower's credit affected if he or she defaults on a loan but the cosigner pays the loan?
The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
Is the Perkins Loan subsidized or unsubsidized?
The Perkins Loan is a subsidized loan, meaning the government pays the interest while the borrower is in school and during deferment periods.
How does life insurance on a car loan work?
Life insurance on a car loan works by providing coverage that pays off the remaining balance of the loan if the borrower dies before the loan is fully repaid. This ensures that the borrower's loved ones are not burdened with the debt in the event of their death.
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
What is the difference between a Perkins Loan that is subsidized and one that is unsubsidized?
The main difference between a subsidized Perkins Loan and an unsubsidized Perkins Loan is that with a subsidized loan, the government pays the interest while the borrower is in school, during the grace period, and during deferment periods. With an unsubsidized loan, the borrower is responsible for paying all of the interest that accrues on the loan.
Is it possible for a cosigner to become the primary borrower on a car loan?
Yes, it is possible for a cosigner to become the primary borrower on a car loan through a process called refinancing. This typically involves the cosigner applying for a new loan in their name only, which pays off the existing loan and transfers the responsibility solely to the cosigner.
When a borrower receives a discount loan the interest total is subtracted from the principal and the borrower receives?
When a borrower receives a discount loan, the total interest amount is deducted from the principal before the loan is disbursed. As a result, the borrower receives a lower amount than the nominal loan amount because the interest is prepaid. This means that the borrower must repay the full nominal amount at maturity, even though they only received the discounted principal. Essentially, the borrower pays interest upfront, which can result in a higher effective interest rate compared to traditional loans.
What do you call it when someone pays back a loan quickly math answer?
When someone pays back a loan quickly, it is often referred to as "early repayment" or "loan prepayment." This can save the borrower interest costs over the life of the loan. Additionally, some lenders may charge a "prepayment penalty" for paying off the loan ahead of schedule.
What is the fee a borrower pays to the lender for using money?
The fee a borrower pays to the lender for using money is called interest. This is typically expressed as a percentage of the loan amount and is calculated over a specified period of time. Interest compensates the lender for the risk of lending and the opportunity cost of not using that money elsewhere. The total interest paid can vary based on the loan's terms, the borrower's creditworthiness, and prevailing market rates.
When a borrower pays back a loan both the principal and the interest must be repaid What is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?
13,807.50
