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Many lenders claim that they have low interest rates. At LightStream we actually do. We are so confident in the competitiveness of our interest rates that we will beat a qualifying interest rate APR 2 from any other lender. With our low rates and our commitment to exceptional service, there's no reason to go anywhere else when you need a loan.
Rates without AutoPay are 0. Exact rate within this range is determined by credit profile. Based on your selected loan purpose, below is a table of loan terms and available rates. Your process is fantastic for the car loan product It was quick and easy You made it easy to fund our new purchase of a Corvette from a private party. A loan that most companies won't fund. We love that you offer loans on the unconventional [purposes] from weddings to home repairs to cars that don't fit in the traditional boxes that traditional lending companies won't touch.
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Similarly, a loan taken out to buy a car may be secured by the car. There are two types of auto loans, direct and indirect. In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership or a connected company acts as an intermediary between the bank or financial institution and the consumer. Unsecured loans are monetary loans that are not secured against the borrower's assets.
These may be available from financial institutions under many different guises or marketing packages:. The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender's options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan.
An unsecured lender must sue the borrower, obtain a money judgment for breach of contract, and then pursue execution of the judgment against the borrower's unencumbered assets that is, the ones not already pledged to secured lenders.
In insolvency proceedings, secured lenders traditionally have priority over unsecured lenders when a court divides up the borrower's assets.
Thus, a higher interest rate reflects the additional risk that in the event of insolvency, the debt may be uncollectible. Demand loans are short-term loans  that typically do not have fixed dates for repayment.
Instead, demand loans carry a floating interest rate which varies according to the prime lending rate or other defined contract terms.
Demand loans can be "called" for repayment by the lending institution at any time. Demand loans may be unsecured or secured. A subsidized loan is a loan on which the interest is reduced by an explicit or hidden subsidy. In the context of college loans in the United States , it refers to a loan on which no interest is accrued while a student remains enrolled in education.
A concessional loan, sometimes called a "soft loan", is granted on terms substantially more generous than market loans either through below-market interest rates, by grace periods or a combination of both. Loans can also be subcategorized according to whether the debtor is an individual person consumer or a business.
Common personal loans include mortgage loans , car loans, home equity lines of credit, credit cards , installment loans and payday loans. The credit score of the borrower is a major component in and underwriting and interest rates APR of these loans.
The monthly payments of personal loans can be decreased by selecting longer payment terms, but overall interest paid increases as well. Loans to businesses are similar to the above, but also include commercial mortgages and corporate bonds. Underwriting is not based upon credit score but rather credit rating. The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time. The fixed monthly payment P for a loan of L for n months and a monthly interest rate c is:.
For more information see Compound interest Monthly amortized loan or mortgage payments. Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her; subprime mortgage-lending  and payday-lending  are two examples,where the moneylender is not authorized or regulated , the lender could be considered a loan shark.
Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates.
Credit card companies in some countries have been accused by consumer organizations of lending at usurious interest rates and making money out of frivolous "extra charges". Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender. A loan is not gross income to the borrower. The lender may not deduct from own gross income the amount of the loan. The amount paid to satisfy the loan obligation is not deductible from own gross income by the borrower.
Repayment of the loan is not gross income to the lender.
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