When taking out a loan, it is important to fully understand the terms and conditions of the agreement. One phrase that you may come across is “per your loan authorization and agreement.”
What does this mean exactly?
When a lender approves your loan application, they will provide you with a loan authorization and agreement that outlines the terms and conditions of the loan. This document will include information such as the loan amount, interest rate, repayment schedule, and any fees associated with the loan.
The phrase “per your loan authorization and agreement” is often used to indicate that the actions being taken are in accordance with the terms and conditions outlined in this document. For example, if a lender were to charge a late fee for a missed payment, they may include a statement such as “per your loan authorization and agreement, a late fee of $X will be charged for missed payments.”
It is important to review your loan authorization and agreement thoroughly to ensure that you understand all of the terms and conditions. If you have any questions or concerns, be sure to reach out to your lender for clarification before signing the document.
In addition to understanding the terms and conditions of your loan, it is also important to make timely payments in accordance with the repayment schedule outlined in your loan authorization and agreement. Failure to do so may result in additional fees or even default on the loan.
In conclusion, “per your loan authorization and agreement” is a phrase that is commonly used to indicate that actions being taken are in accordance with the terms and conditions outlined in the loan agreement. Understanding these terms and conditions is crucial for successful repayment of the loan.