Personal Loans Glossary of Terms - o p q

The potential benefit that is foregone from not following the best (financially optimal) alternative course of action.
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Status which occurs if a monthly bill is still unpaid after its due date.
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A personal loan is a loan from a lender that is not secured by any property. Rates tend to be similar to those of credit cards, which are another type of unsecured personal loan. The personal loan rates quoted on Bankrate are for a $3,000 fixed-rate personal loan and a term of two years.
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A combination of assets held for its investment benefits, including financial and non-financial returns. The asset mix is usually varied in kind and size to maintain an acceptable level of risk and return.
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The rate at which banks borrow money from each other. Prime rate is an index often used by variable-rate loan programs.
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In commercial law, the principal is the amount that is received, in the case of a loan, or the amount from which flows the interest.
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The amount owed on a loan or loans (business loans or personal loans) at any given time. The principal balance may include capitalized interest.
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A business or enterprise designed to promote the social purpose goals of an organization as well as generate revenue. Among nonprofits, products and services are usually, but not exclusively, identified with the purpose of the organization. Activities can range from fee-for-service charges to full-scale commercial ventures.
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Broad, functional definition: A method of providing support to an organization, consistent with program goals involving the potential return of capital within an established time frame. In the context of this study, program-related investments include loans, loan guarantees, equity investments, asset purchases or the conversion of asset(s) to charitable use, linked deposits, and, in some cases, recoverable grants.
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Promise to pay. Written contract between a borrower and a lender that is signed by the borrower and provides evidence of the borrower's indebtedness (the borrower’s loan) to the lender. A legally binding contract between a lender and a borrower. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid.
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Quick business loans are designed for companies that need money fast. At MayFlower Funding our fast business loan process is begun by filling out the business loan application.
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