Loan Requirements and Procedures in Lending Companies

Vocabulary flashcards covering basic definitions, loan types, eligibility requirements, credit analysis, and procedures for lending companies based on the lecture material.

Lending Company

A non-bank corporation or entity that grants loans to individuals or businesses using its own capital or funds sourced from a limited group of people.

Asia link Finance Corporation

A non-bank lending company in the Philippines that offers collateral and non-collateral loans for individuals and businesses.

Collateral Loans

Loans such as vehicle or real estate financing where an asset's title, like an OR/CR, is used as security.

Non-collateral Loans

Loans that require a co-maker or co-borrower (noted as do maker or do borrower) instead of asset collateral.

Age Requirement for Borrowers

Applicants must be between 21 and 59 years old, while individuals over 60 years old require a co-borrower.

Check Eligibility

The first step in the loan application procedure, evaluating applicants based on age, citizenship, and income.

Credit Evaluation

The step in loan processing involving verification and assessment of applicant requirements by Asialink staff.

Credit Analysis (5 Cs)

An evaluation framework assessing a borrower based on Capacity, Capital, Character, Conditions, and Collateral.

Release of Funds

The step in the loan procedure where approved money is disbursed to the borrower, usually via checks, bank deposit, or cashout.

Loan Repayment

The final stage of the loan process where the borrower settles payments through post-dated checks or partner payment centers.