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Question 1

Who is a microlender?

Answer

A micro loan lender is a type of financial institution that lends money to small- or medium-sized enterprises. The amount typically borrowed is usually less than $50,000. They are usually accessible to entrepreneurs as well as those with lower incomes who may not be able to get loans from traditional banks. Since micro lenders are usually taking on more risk because they offer loans to those who might not be able to repay the loan, they are charged high interest and fees. They can provide value to entrepreneurs by helping them establish their ventures and expand. Ameris Bank Loans Login.

Question 2

What exactly is a loan?

Answer

It is a type credit offered to borrowers by lenders. It permits borrowers to borrow more money than they'd be able to borrow if they only used their personal credit. Lender credits are offered by lenders to attract more business. They usually take the form of an amount that is a percentage of the loan amount. For example, if you were to take out a $10,000 loan , and the lender credit was 10%, then you would only need to pay back $9,000. Lender credits are subject to change from one lender to another. It is essential to research different lenders to compare rates before making a decision about which lender you want. Ameris Bank Login.

Question 3

What is the distinction between a bridge loan and a conventional loan?

Answer

A bridge loan is a temporary loan that is used to pay for the costs of a down payment on a home purchase or to provide cash during the transition from one home to another. Bridge loans have short terms and interest rates that are low. They are additionally designed to be paid back quickly so that long-term rates can be utilized. Bridge loans may also be called swing loans, gap financing or jump loans. Ameris Login.

Question 4

What is a Payday lender?

Answer

A payday lender is a loan provider who lends money to borrowers that need it quickly and will likely to repay the debt with interest. They typically offer an amount that is small and repayment terms that are usually two to four weeks. They are a good option for those who are in need of cash urgently but don't necessarily have the credit history or credit score to get a loan from traditional lending institutions. Ameris Bank Loans Login.

Question 5

What exactly is a Direct Loan?

Answer

Direct loan is an educational loan that is paid by the U.S. Department of Education. Direct loans are granted to students who are approved by the Federal Direct Loan Program. There are two kinds: subsidized and non-subsidized direct loans. The government pays the interest of a loan that is subsidized while you are at school at least half-time for the first six months after you graduate and during deferments. For loans that are not subsidized you're accountable for the interest rate from when the loan is released until it is fully paid. You can either choose to pay for the loan while attending college or get it capitalized (added into the principal balance). Ameris Bank Login.

Question 6

What exactly is a loan origination charge?

Answer

A loan origination fee is a cost the lender is charged for processing the application. The fee is usually expressed as a percentage on the total amount of the loan. For instance, if, for example, you apply for a $100,000 mortgage and your lender charges 2percent of the amount which is $2,000 in loan origination fees. Ameris Login.

Question 7

What is the best way to use collateral for personal loan?

Answer

You have many options for collateral to use as collateral for a personal loans, such cars, homes or even bonds, stocks, and homes. Before applying for a personal loan it is essential to discuss with the lender what collateral options are available. Certain lenders may be more flexible about what kind of collateral is acceptable. It's always ideal to have an open and honest discussion with the lender about what collateral is available prior to making an application. This will ensure that everyone involved is on the same page, and make sure there are no surprises later on. Ameris Bank Loans Login.

Question 8

What is a non-qm loan?

Answer

Non-QM loans are mortgages that aren't conforming to the traditional qualified mortgage guidelines. Non-QM loans are intended for those who do not fit to the standard lending criteria like those with less credit scores or with a more debt-to-income ratio. These types of mortgages are generally more difficult to approve for because they carry a higher rate of interest. They are still an option for those who don't meet the requirements for traditional mortgages. Ameris Bank Login.

Question 9

What is a fixed interest rate loan?

Answer

A fixed-rate loan refers to a loan whose interest rate remains unchanged throughout the term of the loan. Fixed-rate loans have the advantage that the borrower knows the monthly payment they will look like and can plan their budget in line with their budget. Refinancing may offer a better deal, but borrowers may not be able get the best interest rate. Ameris Login.

Question 10

What are the options for collateral in personal loans?

Answer

You have many options for collateral that can be used as collateral for a personal loans, such the home, car, stocks, and bonds. Before beginning the process of applying for a loan it is essential for you to talk to the lender about your options. There may be a difference in the criteria used to determine acceptable collateral. Certain lenders have more flexibility than others. It's recommended to engage in a candid and honest discussion with the lender about available options before you submit an application. This will ensure that all parties are in the same boat, and avoid any surprises down the road. Ameris Bank Loans Login.