Loan App Glossary

Plain-language definitions for common lending terms.

APR

Structured reference content designed to answer one clear borrowing question.

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Principal

Structured reference content designed to answer one clear borrowing question.

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Origination Fee

Structured reference content designed to answer one clear borrowing question.

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Underwriting

Structured reference content designed to answer one clear borrowing question.

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ACH

Structured reference content designed to answer one clear borrowing question.

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Hard Credit Inquiry

Structured reference content designed to answer one clear borrowing question.

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Soft Credit Inquiry

Structured reference content designed to answer one clear borrowing question.

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Default

Structured reference content designed to answer one clear borrowing question.

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Pre-authorized Debit

A payment arrangement that permits a company to withdraw agreed amounts from a bank account on scheduled dates.

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Total Repayment

The full amount a borrower is scheduled to pay over the life of a loan, including principal, interest and mandatory fees.

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Finance Charge

The dollar cost of borrowing, which may include interest and certain fees depending on the disclosure rules that apply.

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Loan Term

The period over which a loan is scheduled to be repaid.

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