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.