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Compound curiosity – Curiosity that's computed around the loan’s harmony, the harmony will consist of all interest that is unpaid.
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Secured loan – That is a loan in which the borrower will pledge his asset similar to a automobile or dwelling that can be sold if he is unable to pay back again the loan.
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Repossess – The voluntary or compelled surrender of items in the case of the purchaser’s failure to pay for back again a loan.
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