Sentences with phrase «traditional lump sum loan»
A HELOC is different than a traditional lump sum loan, in that it gives homeowners access to funds (a line of credit, not unlike a credit card) up to a certain credit limit, with one important difference — a HELOC uses the borrower's home as collateral.
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A traditional Home Equity Loan gives you a lump - sum payment up front.
More importantly, refinancing this type of loan into a traditional car loan allows you to turn that large payment into smaller payments paid out over time, freeing up a lump sum of cash you would have otherwise paid out.
A short - term loan for 3 months from a direct lender like Wizzcash is different to a traditional payday loan in that you would pay it back in three instalments, rather than one lump sum.
Most borrowers elect to make a payment each time that they get paid, which is usually easier than paying the entire loan off with one lump sum, like with traditional payday advance loans.
Whereas traditional loans give you a lump sum payment that has to be paid off with interest over time, a HELOC lets you choose when and how much to borrow.
Traditional fixed - term business loan comes in a lump sum that you have a set amount of time to pay off, usually in monthly repayments.
Rayford, who is fighting to keep her Washington home, obtained a reverse mortgage in 2008 to pay off a $ 41,000 traditional mortgage and refinanced in 2011 to retire that loan and cover other expenses, receiving a one - time lump sum of about $ 60,000.