This form is a Consumer Loan Application. The form provides sections for: information regarding applicant, marital status, and asset information.
California Consumer Loan Application - Personal Loan Agreement
Category:
State:
Multi-State
Control #:
US-01706-AZ
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Consumer Loan Application - Personal Loan Agreement?
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FAQ
Consumer lending includes closed- and open-end credit extended to individuals for household, family, and other personal expenditures and includes credit cards, auto loans, and student loans.
A loan agreement should be structured to include information about the borrower and the lender, the loan amount, and repayment terms, including interest charges and a timeline for repaying the loan. It should also spell out penalties for late payments or default and should be clear about expectations between parties.
A secured loan uses an asset you own as collateral; the lender can take the asset if you don't repay the loan. An unsecured loan requires no collateral. They usually have higher interest rates than secured loans because they are riskier for lenders.
The biggest difference between a consumer loan and a personal loan is that consumer loans can include revolving credit. Personal loans are nonrevolving financial lending products that provide borrowers with a lump sum of money and payment schedule for repaying the loan.
Consumer credit, or consumer debt, is personal debt taken on to purchase goods and services. Although any type of personal loan could be labeled consumer credit, the term is more often used to describe unsecured debt of smaller amounts.
A personal loan (also known as a consumer loan) describes any situation in which an individual borrows money for personal need, including making investments in a company. All personal loans have three common elements: Evidence of the debt (promissory note)
A consumer credit contract is a formal written agreement to borrow money, or pay something off over time, for personal use. You pay interest and fees for the use of the bank or finance company's money. One or more of your assets might secure the loan. Examples include: vehicle finance to buy a car, van, or boat.
Common items in personal loan agreements. The name, address, and contact information of the borrower. The name, address, and contact information of the lender. A plan for loan payment, such as a monthly payment plan with start dates and due dates. The maturity date or the date that the final payment is due on the loan.
