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In contract law, a simple contract, also known as an informal contract, is a contract made orally, in writing, or both, rather than a contract made under seal. [ 1 ] [ 2 ] [ 3 ] Simple contracts require consideration to be valid, [ 4 ] but simple contracts may be implied from the conduct of parties bound by the contract.
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or; revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased. Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather ...
Loan amounts range from $200 to $2,000, payable over one to 12 months. The application fee is capped at $20, and you’ll pay no more than 28 percent in interest.
P2P lending sites like Prosper facilitate loans and act as an alternative to a traditional bank loan. These types of lenders operate online, similar to online lenders, and the application process ...
A car title loan is a secured small loan, usually for 25 to 50 percent of your vehicle’s value. These types of loans tend to be much more expensive than conventional personal loan options, even ...