English Language & Usage Asked by EnglishNewbie on December 11, 2020
I’m putting together a loan application form for a bank. Part of the information that needs to be collected from loan applicants are their:
What is a collective term for the above? The best I can think of is financial liabilities, but I feel it may be too overreaching (there are other kinds of financial liabilities that are not “loan” in nature, like child support).
Also, what is a collective term for loan amount (e.g. you get a mortgage for $500,000 — that’s the loan amount) and credit limit (e.g. you have a credit card that can be maxed to $20,000, which is your credit limit)?
Mortgages are a type of loan.
Credit cards are a way of accessing a line of credit extended to you by the bank.
Overdrafts are a facility that allow you to take out a variably sized loan, usually up to an agreed amount.
They are all ways of accruing debt. You could categorise them as "debt accrual methods".
Answered by Matt E. Эллен on December 11, 2020
These are typically termed as financial instruments. They are divided into distinct asset classes, and for your particular use case, these are debt-based financial instruments.
Financial instruments are monetary contracts between parties that can be created, traded, modified and settled.
The phrase Line of credit can encompass loan amount and credit limit. A consumer will have multiple lines of credit.
Answered by GlitchC on December 11, 2020
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