What are the key terms in the promissory note?

When you receive your promissory note, be sure to review all of the terms below to ensure that you understand your responsibilities as a borrower. Here is a handy glossary of the definitions of the key terms.

  • Loan Amount:  the amount that you will receive on your disbursement date.
  • Loan Term: the number of payments you will make on your loan. It is also the number of months your loan will be active.
  • Maturity Date: the date that your loan is scheduled to close.
  • Disbursement Date: the date that you are scheduled to receive your loan.
  • Monthly Payment: the amount that you will be debited each month.
  • First Monthly Payment Date: the date that your first scheduled debit will occur.
  • Monthly Payment Date: the 17th of the month - unless the 17th falls on a weekend or holiday, then the debit will appear the following business day.  
  • Number of Monthly Payments: this is the same as your loan term.
  • Total amount of all Monthly Payments: this is the same as your loan amount.
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