Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z, Full List

T

Term Insurance

A life policy that pays out upon the death of the life assured.

U

Unsecured Debt

Money borrowed without giving any collateral.

V

Value Chain

The sequence of business activities by which value is added to the products or services provided by the organisation.

Value Inspection

This is an inspection of a property before granting a mortgage.

Valuation

A brief inspection of a property for mortgage purposes.

Valuation Fee

The amount paid by a borrower to cover the costs of the valuation report.

Variable Rate

A rate of interest which may go increase or decrease during the life of the loan.

Variable Interest Rate

An interest rate that changes during the period of the loan, usually in relation to a standard index. The rate goes higher or lower based on market forces.

Verification of Deposit

This is part of the loan application process where a lender will ask a borrower's bank to sign a confirmation statement verifying the borrower's account balances.

Verification of Employment

This is part of the loan application process where a lender asks the borrower's employer for confirmation of the borrower's employment status and income.

W X Y

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z, Full List