The borrower agrees that the money being borrowed citibank personal loans ny be repaid to the lender at a future date and possibly with interest. In exchange, the lender cannot change his or her mind and decide to not lend the borrower the money, especially if the borrower relies on the lenders promise and makes a purchase with the expectation that he or she will receive money soon. The lender may also be called the issuer, maker, payee, or seller.
A simple agreement in writing will identify the following basic elements: Borrower : who is receiving the money and will repay it back Lender : who is giving the money and will get the money back Principal Amount : the sum of money being borrowed Interest : additional money owed, usually a percentage, based on the amount borrowed Maturity Date : when the money should be repaid to avoid being in default. Further, the parties should consider these two additional questions: 1.
How will the money be repaid. The agreement should clearly detail how the money will be paid back and what happens if the borrower is unable to repay. There are generally four types of repayment options: 2. What other details should be included. The agreement may citibank personal loans ny include these additional provisions: Acceleration : whether the lender can move up the date of repayment, and make the borrower repay the loan immediately Possible Events of Acceleration if the borrower becomes bankrupt if the borrower fails to make payments if the borrower passes away (i.
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Loan Terms. Just like any other form of credit you do citibank personal loans ny have to accept an offer if you do not agree to the terms or have simply changed your mind.
Before signing the agreement it is important that you go through these terms and make sure you fully understand them and decide whether the loan truly suits your financial situation. Remember that on top of the principal amount borrowed you will also be paying an Annual Percentage Rate of interest (APR). This will be spread across each repayment installment. Anything you pay above the principal can be considered the "cost of the loan" and this needs to be factored into your decision.
Personal loans are similar to any other personal loan you might get from a bank or storefront lender, which means if you fail to make repayments or breach the terms in some other way, you may incur further interest and fees. Collection proceedings may also be taken against you to help recover what is owed. This will negatively affect your credit rating, making it more difficult to obtain credit in the future.
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You likely do everything you can to keep your finances under control.