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Loan Questions and Answers (Q&A)

When is a loan application considered complete?
Jamespeter
Answered: Oct 15, 2019
After choosing the best loan option which satisfies your requirement and submitting the required documents such as ID proofs, income proofs, reason to avail the loan amount and considering the...Read More

4 Answers

773 views
What is the difference between FHA and Conventional loans?
C. Bernthal, Teacher
Answered: Aug 29, 2019
FHA refers to the Federal Housing Authority. FHA loan is a type of loan that can be acquired more easily. It does not require a great credit score. It has a higher loan to value ratio than a...Read More

2 Answers

348 views
What is the difference between Grant and Loan?
C. Block, English Professor
Answered: Aug 28, 2019
Most of the time, when we receive a particular amount of money from the government, financial institutions, individuals, at times we will be required to pay the money back, and also, the money...Read More

2 Answers

338 views
How do unsecured loans differ from secured loans?
Reet
Answered: Mar 27, 2021
While applying for a business loan, you may have heard about the secured loan or unsecured loan. A secured loan is where one has to put some business asset as collateral with the lender while...Read More

1 Answer

294 views
What are the benefits of Income-Based Repayment Plan Program?
John Smith
Answered: Jan 20, 2025
Student may qualify for a zero dollar payment-2. student can apply for the ibr program up to 25 years-ibr benefit 1 - lower monthly payments the ibr program may substantially lower a graduates...Read More

1 Answer

264 views
May a student in jail qualify for the Unemployment Deferment?
John Smith
Answered: Jan 20, 2025
False-correct answer is false. the following conditions must be met in order to qualify: 1. student must be diligently seeking but unable to find full-time employment in any field or at any...Read More

1 Answer

249 views
Will borrower receive a penalty fee when submitting a monthly payment earlier than scheduled or for an amount greater than owed?
John Smith
Answered: Jan 20, 2025
False-all federal education loans allow prepayment without penalty. for loans that are not in default, any excess payment is applied first to interest and then to principal. however, if the...Read More

1 Answer

245 views
Is Direct Loans the only servicer currently to process Loan Consolidations?
John Smith
Answered: Jan 20, 2025
True-until recently, a borrower could consolidate his or her loans under either the federal family education loan program (ffelp) or the federal direct loan program (fdlp). however, recent...Read More

2 Answers

242 views
Can a student in jail apply for the Income-Based Repayment Plan?
John Smith
Answered: Jan 20, 2025
True-the ibr program is available to federal student loan borrowers in both the direct and guaranteed (or ffel) loan programs, and covers most types of federal loans made to students, but not those...Read More

1 Answer

240 views
Can a student in jail apply for the Unemployment Deferment?
John Smith
Answered: Jan 20, 2025
False-the following conditions must be met in order to qualify: 1. student must be diligently seeking but unable to find full-time employment in any field or at any salary or responsibility level...Read More

1 Answer

238 views
Where can I get an instant loan?
Digital Marketing
Answered: May 18, 2021
In the context of loans no debit card, you get an opportunity to derive the funds, without the need of involving any collateral. The loans are even approved by the lenders, without looking in to...Read More

2 Answers

144 views
What is the difference between Loans and Advances?
Bobby Rickets, Content Reviewer
Answered: Aug 05, 2020
A loan is money given out by financial institution to a person or another organization with the expectation to pay with interest within a due date while Advances are money given to an employee by...Read More

4 Answers

89 views
Can I get my loan approval online?
Reet
Answered: Feb 23, 2021
With digitalization, it is now easy to get a business loan from anywhere without running bank to bank. Modern NBFC's have a safe digital platform, where one can apply for a business loan online....Read More

1 Answer

81 views
Which loan has a low-interest rate, a personal loan or a home loan?
OrlaithFranklin
Answered: Nov 14, 2020
Of course, personal loans especially if you are taking your money in online services like North’n’Loans where you don’t need to worry about credit score and other papers that...Read More

1 Answer

68 views

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