Debtor an individual who removes that loan. Also referred to as a debtor (above).
Default: When a cardholder doesn’t result in the minimum required repayment on the loan. Defaults are recorded in your credit report and also an effect that is bad your credit history.
Drawdown: When a loan provider attracts along the loan from their funds into the banking account and also the money is used by the borrower. Interest is generally charged through the the loan funds are transferred to the borrowerвЂ™s bank account day.
Drawdown date: The date upon which you first make use of the money loaned for you.
Equity: once you borrow cash buying a secured asset, equity may be the distinction between the worthiness of this asset and just how much you have got kept to settle.