Money. It’s a big part of our daily lives, yet often, we don’t understand the basics behind it. We’re here to help you learn more. It’s our goal to provide you with the most useful tips and resources to help you make the best financial decisions possible. That’s why we offer Reprise Financial 101.Starting with the basics of financial knowledge will help you get informed, get organized, and get the resources you need to achieve optimal financial health.
Even though many of us have often heard of these terms, sometimes it helps to have a refresher on the basic meanings of these words associated with borrowing money.
A personal loan is money borrowed from a lender that is paid back in fixed monthly payments or installments with interest.
Interest rates are the cost a borrower pays to a lender for borrowing money to finance the loan, on top of the loan amount or principal balance. Interest rates are based on various factors including an applicant’s credit history. The interest rate is also used to calculate the amount of interest assessed daily on your principal loan balance.
The annual percentage rate, or APR, is the interest rate plus additional fees charged by the lender. This includes origination fees and other fees charged when the loan is made. The APR is also known as the annual cost of borrowing money expressed as a percentage.
The principal balance is the total amount you have borrowed and have to pay back. The principal balance will decrease as you make on-time payments on your loan.
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Origination fees are what the lender has charged the borrower for making a loan. Origination fee amounts may vary depending on the state where you live but are usually assessed as a flat fee or a percentage of your loan amount.
A variable interest rate is not fixed and can fluctuate over the term of a loan. Reprise offers a fixed rate so that there isn't any question on what your rate will be.
Collateral is property, such as a vehicle, that you own and use to secure a personal loan. Collateral is required on secured personal loans but not on unsecured personal loans.
A credit score is a prediction of credit behavior, such as how likely a borrower is to pay back a loan on time, based on information from a credit report. Several factors from your credit report are used to determine a credit score, including bill paying history; current unpaid debt; the number and type of loans; how long a credit account has been open; how much available credit is being used; new credit applications; and whether there is a presence of serious delinquency such as foreclosure or bankruptcy. Credit scores are expressed as a numerical rating on a scale of 300 to 850. Lenders usually use credit scores to determine how likely a borrower is to pay back a loan.
A prepayment penalty is a fee that some lenders charge if you pay off all of your loan early. Reprise Financial never charges a prepayment penalty!
Check out our Resources page for up-to-date financial tips and information.
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I want to thank Carmen. She was very professional and demonstrated the highest traditions and standards of customer service. If you have all the documents needed for the loan it is quick and easy.
- Charley W.
Marialena is a superstar! Patient, courteous, thoughtful and understanding! She made my experience so much better! Thank you also to Fabian who treated me professionally in every way!
- Lawrence C.
Very smooth process! Was much easier than I ever expected. The representative that called was very professional, patient with my questions, and knowledgeable.
- Susan H.
Eyvette made the process seamless and easy. She went over the terms and allowed me to ask questions. I was happy that I was able to get the money I needed!
- Tina B.
Anthony was extremely helpful during the loan process. He went out his way several times to make sure things were okay. He explained everything so clearly and I greatly appreciate it.
- Latisha S.
The process was smooth and very easy to do. After seeing my approval odds, I applied, uploaded my documents and was approved for an unsecured loan. I can now consolidate all my loans and credit cards for one easy and affordable payment. The funds were deposited within 24 hours of getting approved.
- Vanessa B.
Experienced staff! Helpful, friendly, and knowledgeable! Fast process, definitely recommend!!!
- Kristie W.
From start to finish this was a great experience. The folks that helped me were Carlos, Mark, Sequoia and Robyn. Robyn brought everything together and got the loan processed. If I could give her 10 stars I would. Great experience from start to finish. Thanks everyone!
- Lamar B.
Sequoia demonstrated the utmost professionalism and courtesy. She was insightful and determined to get me the best rates she could. I would highly recommend her to anyone wanting to work with Reprise Financial.
- Andrew S.
I had the pleasure of working with team members Eric, Vianca, Marianela, & Stephanie. I was overwhelmed with how professional, helpful, patient, and just overall wonderful these team members were. They helped me get my correct information uploaded and worked with me on what was best for my unique situation.
- Jessica H.
I am impressed how everyone at Reprise handled my loan. They were very professional and knew every detail of my loan no matter who I spoke to, and they were very patient. Thank you guys for everything you have done.
- Larry S.
I want to thank Carmen. She was very professional and demonstrated the highest traditions and standards of customer service. If you have all the documents needed for the loan it is quick and easy.
- Charley W.
