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Underwriting |
The process of analyzing a borrower's capability to honor
repayment of a loan (evaluating his or her credit, assets,
employment) along with the value of the property being
purchased, to help minimize the risk involved for the party
lending the purchase money |
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Unilateral contract |
A one-sided contract in which only one party is legally under
obligation by the terms of the contract; one party promises an
action to the second party, who is not legally required to
respond, but if the second part does comply, then the first
party is obligated to honor the promise made |
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Unsecured loan |
A loan that is not guaranteed by collateral |
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Usury |
The act of charging more than the maximum rate of interest
permitted by law |
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