Paying back a loan before the arranged due date. Some banks charge fees for doing this. Not at Echo Credit — you can pay your loan off in installments or all at once, at any time, without penalties.
This process allows you to make automatic payments and not miss a due date. You provide written permission for your lender to withdraw specified dollar amounts on specified dates directly from your checking account.
A fixed rate remains the same throughout the entire loan term.
The larger of the two income numbers on your paycheck. Your gross income is the amount your employer pays you before taxes, insurance, retirement contributions and other withholdings are deducted.
You can look at this in two ways. Interest can be the amount you earn on your savings and investments. Interest is also the amount you pay on money you borrow. Commonly expressed as a percentage, interest is often included in the total cost of a loan. (See APR.)
Line of Credit
A line of credit offers consumers a more flexible borrowing solution and, generally, is more suitable for those who have borrowing needs that vary. Once approved, the borrower can access any portion of that credit line, up to the maximum amount approved, at any time (provided the account is in good standing). Lines of credit are intended to be borrowed from multiple times without having to reapply. Interest and/or fees are assessed only on the amount borrowed/outstanding. Any available, but unused, credit does not incur any interest or fees.
A loan is money borrowed on condition that it's paid back per an agreement. There are several types of loans, including a quick and convenient installment loan from Jora.
The loan period is simply the length of time you borrow money. It can last any number of days, up to years, depending upon the terms of the agreement. In most cases, interest continues to accrue throughout this repayment period.
The smaller of the two income numbers on your paycheck. This is your "take-home pay," or the amount remaining after all deductions, such as taxes, insurance, and retirement contributions have been subtracted from your gross income.
This stands for Non-Sufficient Funds and means you didn't have enough money in your account to cover your payment. Unfortunately, your financial institution will most likely assess you with additional fees or penalty charges