P Q
Partial Cancellation
Cancellation of a disbursement or a portion of a disbursement
rather than of an entire loan. [Back to top]
Partially Disbursed
The transfer of some but not all of the designated installments
of the loan proceeds from the lender to the recipient. [Back to top]
Payment Protection Insurance
Payment Protection is an insurance policy to cover your
loan repayments should you be unable to pay them yourself
due to sickness, injury or involuntary unemployment. It
can also pay off the remaining balance of your loan, in
the unfortunate event of your death. [Back to top]
Pending
The status assigned to a loan application that has not
completed the origination process and for which an approval
or denial decision has not yet been made. [Back to top]
Personal Loans
Personal Loans are simply loans that are approved for an
individual rather than a business, and can be used for a
variety of purposes such as car buying, home improvements,
holidays and debt consolidation. [Back to top]
Principal
The amount of a loan that must be repaid upon maturity
and the amount upon which interest will be charged. [Back to top]
Principal Balance
The outstanding amount of the loan on which the lender
charges interest. As the loan is repaid, a portion of each
payment is used to satisfy interest that has accrued, and
the remainder of the payment is used to reduce the outstanding
principal balance.
[Back to top]
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