BANKING / Bank Loans
loan officer
A bank official who will oversee the approval or denial of a loan.
loan application
A form making the request for a stated amount of money, filled out prior to meeting with a loan officer.
credit history
A year-long record of how well a person pays her bills and shows her financial responsibility
pre-qualification interview
An initial meeting to determine the ability of repayment of a loan; checking the credit history and financial stability of the loan applicant.
asset
Any property, such as land or stock, that may cover a person's liabilities.
educational loan
Borrowing money from the bank for college tuition or other higher education expenses.
servicing fee
Charges such as loan fees and the interest the customer pays on the loan.
collateral
Something given to guarantee repayment of a loan.
overextending
Stretching one's credit beyond the financial guidelines.
A-type credit
Strong credit history that gives the bank good reason to approve the loan.
processing a loan
The job of putting loan applications into official consideration.