Loan Options

Notes & explanations

1. Term versus contract terms. The loan term is the time allowed for repayment. “Terms” can also mean the complete agreement, including fees, due dates and other conditions. Changing the repayment period does not change all of those conditions automatically. ↩ Back to text

2. Requested amount versus available amount. An amount shown on a page or selected in a calculator is a planning input, not a promise of funding. The request interface goes up to $35,000, but actual minimums, maximums and availability depend on the product and lender. ↩ Back to text

3. Money actually available to use. Here, net proceeds means the cash left after any amount withheld from the loan at disbursement. A $1,000 principal with a $100 deducted fee leaves $900 to use; the debt is not automatically reduced to $900. ↩ Back to text

4. The asset at risk. Collateral is property pledged to secure repayment. A lower quoted payment or rate does not remove the risk to that asset if the borrower defaults. Read which asset is pledged and the remedies described in the agreement. ↩ Back to text

5. A payment that fits the budget. Payment fit refers to your budget after essential spending, existing debts and a reserve. A lender’s willingness to approve a payment does not establish that it is comfortable for your household. Check when the first payment is due. ↩ Back to text

6. The written offer controls. Use the lender’s actual disclosures and agreement to confirm charges, payment dates and conditions. A comparison label, calculator result or preliminary message does not replace those documents. ↩ Back to text