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Fascination fee – A charge that a lender will charge borrowers in an effort to borrow dollars from them. It can be expressed in proportion % per annum.
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Secured loan – This can be a loan where by the borrower will pledge his asset just like a motor vehicle or property that will be bought if he is unable to pay back again the loan.
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Co-signer – A person who willfully symptoms a loan settlement With all the borrower and partly assumes accountability of repayment of the loan.