Loan App Glossary
Plain-language definitions for common lending terms.
Twelve terms you will meet in a loan agreement or app. Each entry gives a plain definition, why it matters and a worked example with numbers.
Principal
Structured reference content designed to answer one clear borrowing question.
Open resource →Origination Fee
Structured reference content designed to answer one clear borrowing question.
Open resource →Underwriting
Structured reference content designed to answer one clear borrowing question.
Open resource →Hard Credit Inquiry
Structured reference content designed to answer one clear borrowing question.
Open resource →Soft Credit Inquiry
Structured reference content designed to answer one clear borrowing question.
Open resource →Pre-authorized Debit
A payment arrangement that permits a company to withdraw agreed amounts from a bank account on scheduled dates.
Read definition →Total Repayment
The full amount a borrower is scheduled to pay over the life of a loan, including principal, interest and mandatory fees.
Read definition →Finance Charge
The dollar cost of borrowing, which may include interest and certain fees depending on the disclosure rules that apply.
Read definition →