Repayment refers to paying back money that you have borrowed. Loan repayments cover a part of the principal, or the amount borrowed, and interest, which is what the lender charges for supplying the funds. Loan agreements specify the repayment terms, including the interest rates to be paid.
Examples from Collins dictionaries
They were unable to meet their mortgage repayments. You can pay it off or make a minimum repayment. He failed to meet last Friday's deadline for repayment of a £114m loan. Brazil is putting forward a new debt repayment plan.
The "repayment term" is the period from the starting point of credit to the final maturity of a transaction.
A "payment" is for a service or product. A "repayment" is for loaned money. So for example if you lended me money to buy an apple, I'd make a payment to the apple seller and a repayment to you later.
Full Repayment means, with respect to the Obligations as of any date, that, as of such date, (a) all principal of and interest accrued to such date which constitute Obligations shall have been irrevocably paid in full in cash, (b) all fees, expenses and other amounts then due and payable which constitute Obligations ...
The ability-to-repay rule prohibits most lenders from giving you a mortgage unless they have made a reasonable and good faith determination that you are able to pay back the loan.
Below is a comprehensive breakdown of the three repayment types; principal & interest, interest-only, and capitalised interest, and the scenarios they are most suited to. Ultimately, choosing a repayment method that suits you and your circumstances will go a long way toward facilitating your financial success.
Generally, repayment status includes any periods where the borrower was enrolled in a repayment plan. Repayment status does not include periods in forbearance, deferment, bankruptcy, or default.
You can also repay things other than money: "How will I ever repay your kindness and support?" Repay comes from the French repaier, with its "back" prefix re- and payer, "to pay." Definitions of repay. verb. pay back. synonyms: give back, refund, return.
How Loan Repayment Works. Loan repayment works through a structured schedule where the borrower makes regular payments to the lender. Each payment usually consists of both principal and interest. First, a larger portion of the payment goes towards interest, but over time, more of the payment goes to the principal.
Some common synonyms of repay are compensate, indemnify, pay, recompense, reimburse, remunerate, and satisfy. While all these words mean "to give money or its equivalent in return for something," repay stresses paying back an equivalent in kind or amount.
Different repayment methods provide flexibility. Common types include fixed monthly payments, variable payments, interest-only payments, balloon payments, and graduated repayment. Advantages include debt reduction, financial discipline, interest savings, improved credit score, and peace of mind.
repayment | Business English
an amount of money that is paid back: a loan/debt/interest repayment Low interest rates are making loan repayments easier to manage. make a repayment If you need to make lower repayments, you can.
: to make a return payment to : compensate, requite.
Total Repayment Amount is the total sum of the Loan Amount and the Fixed Fee.
If you repay a loan or a debt, you pay back the money that you owe to the person who you borrowed or took it from.
A credit provider can list information about your repayment history on your credit report, including whether you have made payments on time or missed any payments. The information appears on your credit report as a number (from 0 to 7) showing the age, in months, of your oldest missed payment.
noun. the act of returning money received previously. synonyms: refund.
Loan repayment is the act of settling an amount borrowed from a lender along with the applicable interest amount. Usually, the repayment method includes a scheduled process in the form of equated monthly instalments (EMIs).
Quick Answer. A repayment plan is an agreement between a borrower and a lender for how a debt will be paid off over time.
Example of repayment sources are: (1) income from tolls in the case of bonos of the Highway Authority (2) collections of contributions for income that enter the general fund and (3) electricity charges to subscribers of the Electric Power Authority.
Loan repayment is the process of returning a loan obtained. There are different types of repayment like – fixed rate loan, floating rate loan, balloon loan and interest only loan. Managing loan repayment is important to ensure financial stability and avoid defaults.
The Borrower Defense to Repayment Rule (BD Rule) offers students relief from federal loans borrowed based on fraudulent, misleading or illegal acts by their schools. Borrower defense is an established legal right for many forms of consumer credit, and it has been a part of the Higher Education Act for many years.
A Claim of Right Repayment is a deduction or credit that you may be eligible for in the current tax year. If you reported income in a previous year but later had to repay it because it was paid in error, you may be able to either reduce your current-year income or take a tax credit in the year of repayment.