Suntrust Bank Consumer Loans Payments

Question 1

What is the best rate of return for the loan?

Answer

The average for loans is five percent. It is important to compare the interest rates before you choose loans. The annual percentage rate, also known as APR, is the interest rate that you'll pay on your loan each year. It includes the interest rate, as well as any fees the lender may charge. When shopping for loans, it's crucial to compare the APRs. You want to ensure you get the best deal. If you are looking for a loan to fund your business, a 5 percent APR rate is an acceptable rate. Suntrust Bank Consumer Loans Payments.

Question 2

What exactly is an installment loan?

Answer

A loan you get for a specified amount and repay monthly in installments is called an installment loan. It is possible to use an installment loan to fund any goal like a car purchase or home improvements as well as debt consolidation, medical expenses or the consolidation of mortgages. An installment loan usually has a lower interest rate than the credit card or personal loans, as well as the conditions of the loan (the length of the repayment time and the amount of the monthly payments) can be tailored to suit the needs of your particular situation. This is a good option for people who need massive amounts of cash, however, they want to break the monthly payments into smaller, more manageable chunks. Suntrust Bank Consumer Payments.

Question 3

What exactly is a lender?

Answer

A lender is an entity or person who lends money to borrower in the hope of earning interest. Lenders may include banks, credit unions or payday lenders as well as other financial institutions. They may also be private or corporate investors. Suntrust Consumer Payments.

Question 4

What exactly does a loan underwriter do?

Answer

A loan underwriter makes sure that potential borrowers are qualified for loans. The underwriter will assess the credit history of the borrower and income as well as the debt ratio before arriving at an informed decision. If they believe a borrower is too risky or not competent, they will decline to accept the loan. If the underwriter determines that the borrower is in compliance with the standards and has a low risk the loan will be approved. Suntrust Bank Consumer Loans Payments.

Question 5

What is a fixed interest rate loan?

Answer

A fixed-rate mortgage refers to a loan that has an interest rate that remains the same throughout the term of the loan. Fixed-rate loans offer the benefit that borrowers know what their monthly payments will be and budget accordingly. However, there is a drawback however: they may be able to refinance in order to get a better rate for a new loan, if rates drop. Suntrust Bank Consumer Payments.

Question 6

What is a Hard Money Loan?

Answer

A loan with a hard-money character is one that's secured by property or any other asset. They are used to fund short-term projects like fix and flips, or construction. The rates of interest charged by hard money lenders are usually higher than conventional banks. However, loans are approved quicker. Suntrust Consumer Payments.

Question 7

What exactly is a bridge loan?

Answer

A bridge loan is a short-term financing that covers the cost of a down payment on the purchase of a new home or money to aid in the move from one home to the next. bridge loans typically have low interest rates and shorter durations, and are designed to be paid back quickly in order to profit from lower rates for long-term loans. Bridge loans can be used to refer to swing loans as well as gap financing. Suntrust Bank Consumer Loans Payments.

Question 8

What is the definition of payday lenders?

Answer

Payday lenders are a kind of loan service provider for short-term purposes that provides loans to borrowers who need cash quickly and are at a higher risk of repaying the loan with interest. These loans are typically for small amounts of money, and terms of repayment are extremely short (usually between two and four weeks). They're a great option for people who have a short time to borrow money, but don't have the credit history or the time to get a loan from a bank or lending institution. Suntrust Bank Consumer Payments.

Question 9

What are loan origination fees?

Answer

What are loan origination fees These charges are imposed by lenders for processing loan applications. They can be charged by the loanee and the lender. Origination charges are just one of many closing expenses that loanees may need to pay when taking out a loan. Other closing expenses that could be incurred include appraisal fees, title search charges, credit report fees, and title search fees. Before applying for a loan they must be aware of all the possible closing costs so that they can accurately calculate the amount they'll need. Suntrust Consumer Payments.

Question 10

What exactly is a heloc loan?

Answer

A HELOC loan, also known as a line credit for home equity is one type if loan that allows the borrower to draw from an revolving loan. The loan is typically utilized to pay for major expenditures such as home repairs , renovations, college costs, or medical bills. The amount that could usually be borrowed is typically dependent on the equity in the home of the borrower. HELOC loans are usually cheaper than traditional mortgages or personal loans. HELOC loans usually have higher interest rates that credit cards. Suntrust Bank Consumer Loans Payments.