The amount borrowed is not repaid until the end of the term of the loan. Repayments consist of interest, fees and charges. Interest only loan: A loan where only the interest is paid for an agreed term (usually a short period of one to five years) or during a construction period. The principle is then repaid over the remaining term of the loan by the conversion of repayments to Principle & Interest.
Repayments consist of interest, fees and charges only. The loan balance is not reduced over time and the amount borrowed is not repaid until the end of the term of the loan.
A type of short-term loan where monthly payments are for interest only, and the principal is repaid in lump sum at the end of the term.
A loan which allows a customer to make interest-only payments for a defined period of time. It can offer consumers greater purchasing power, reduced qualifying income and possible higher cash out limit.
An interest only loan is a mortgage which only requires the payment of interest while no part of the payment is applied to the principal of the note. This type of loan is particularly suited for individuals who have sporadic income whereby they can pay the interest and when they receive additional income they then can apply such to the principal of the mortgage.
A loan where the principle is paid back at the end of the term and only interest is paid during the term. These loans are usually for a short period of time, 1 to 5 years.
Loan on which interest is only paid periodically and the principal paid at the end of the term.
These are short term loans whose only payment is on the interest, not on the principle loan amount.
