Glossary
Loan terms, in plain English
The words lenders use, defined without the jargon — and with the part that actually affects your rate, payment, or approval.
A
Amortization The schedule that splits each payment between interest and principal. Early payments are mostly interest; the balance flips near the end of the term. APR Annual percentage rate — the interest rate plus mandatory fees, expressed as one yearly cost. The only honest way to compare two loan offers.