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In insolvency proceedings, secured lenders traditionally have priority over unsecured lenders when a court divides up the borrower's assets. Thus, a higher interest rate reflects the additional risk that in the event of insolvency, the debt may be uncollectible. Demand loans are short-term loans  that typically do not have fixed dates for repayment.
Instead, demand loans carry a floating interest rate which varies according to the prime lending rate or other defined contract terms. Demand loans can be "called" for repayment by the lending institution at any time.
Demand loans may be unsecured or secured. A subsidized loan is a loan on which the interest is reduced by an explicit or hidden subsidy. In the context of college loans in the United States , it refers to a loan on which no interest is accrued while a student remains enrolled in education.
A concessional loan, sometimes called a "soft loan", is granted on terms substantially more generous than market loans either through below-market interest rates, by grace periods or a combination of both. Loans can also be subcategorized according to whether the debtor is an individual person consumer or a business.
Common personal loans include mortgage loans , car loans, home equity lines of credit, credit cards , installment loans and payday loans. The credit score of the borrower is a major component in and underwriting and interest rates APR of these loans.
The monthly payments of personal loans can be decreased by selecting longer payment terms, but overall interest paid increases as well. Loans to businesses are similar to the above, but also include commercial mortgages and corporate bonds. Underwriting is not based upon credit score but rather credit rating.
The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time. The fixed monthly payment P for a loan of L for n months and a monthly interest rate c is:. For more information see Compound interest Monthly amortized loan or mortgage payments. Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her; subprime mortgage-lending  and payday-lending  are two examples,where the moneylender is not authorized or regulated , the lender could be considered a loan shark.
Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organizations of lending at usurious interest rates and making money out of frivolous "extra charges".
Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender. A loan is not gross income to the borrower. The lender may not deduct from own gross income the amount of the loan. The amount paid to satisfy the loan obligation is not deductible from own gross income by the borrower.
Repayment of the loan is not gross income to the lender. Interest paid to the lender may be deductible by the borrower. Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness. From Wikipedia, the free encyclopedia. For other uses, see Loan disambiguation.
Accounting Audit Capital budgeting. Risk management Financial statement. Structured finance Venture capital. Government spending Final consumption expenditure Operations Redistribution. Central bank Deposit account Fractional-reserve banking Loan Money supply. Private equity and venture capital Recession Stock market bubble Stock market crash Accounting scandals. Retrieved May 11, In some cases, customers were charged for the supposed lawyers' fees for these letters; Labour MP Stella Creasy asked why the police were not investigating.
The City of London Police began reassessing the case for an investigation,  but announced the following year that after a thorough review of all the material gathered, there was insufficient evidence to progress an investigation.
Wonga declined to comment. He announced that he had had a "good conversation" with Errol Damelin and told him that he wanted to see competition, not legislation, put Wonga out of business. By July , The Church of England had severed its ties with the payday lender. An all-party Early Day Motion tabled in November highlighted Wonga's "high APR" and sought to restrict the level of interest that can be charged on all loans by financial institutions.
On 20 November , Creasy demanded an apology from the company after The Guardian reported that abusive tweets were sent to her by Wonga employees. Further investigation of the Creasy case showed that computers registered to Wonga. In June , the consumer minister called payday lenders to a summit to discuss "widespread irresponsible lending.
In November , Labour Party leader Ed Miliband criticised payday lenders for creating a "Wonga economy" and "a quiet crisis of thousands of families trapped in unpayable debt. He accused Wonga and other payday lenders of 'targeting children'. In , once the company had gone into administration, chairman of the Commons Work and Pensions Committee Frank Field wrote to the Archbishop of Canterbury, Justin Welby, in a letter urging the Archbishop to lead a consortium with Wonga's administrators and for the Church of England to purchase the company's loans, preventing the company from selling its loans on to debt recovery businesses at "knockdown rates".
The firm claims its loans are often cheaper than unauthorised bank charges  and although APR disclosure is mandatory, it is a poor comparison measure for short term loans.
He also explained that he had performed this calculation purely to raise awareness of the risks of payday loans and concluded by expressing the hope that his example would make people "think twice before getting payday borrowing". Wonga argue that their rates may be high but the amount charged is transparent and without lenders like them, borrowers would be forced to use illegal lenders.
In April , a loan shark in Manchester was jailed for illegal money lending and other offences despite claiming that his rates were lower than Wonga. The consequences are really serious when payday lending goes wrong. High interest rates and fees can mean that a small loan balloons into a huge debt… both the advertising and payday loan industries need to look at why so many adverts are not meeting the grade and change their ways".
From Wikipedia, the free encyclopedia. Wonga Group Limited Trading name. Errol Damelin Jonty Hurwitz. Need an APR of 4, per cent? Welcome to Newcastle's new sponsor Wonga".
Retrieved 4 December Retrieved 31 August Retrieved 17 March Retrieved 7 December Retrieved 21 November Retrieved 30 August Retrieved 19 March Could Wonga transform personal finance". Retrieved 29 March Retrieved 18 March Beyondbrics blog at The Financial Times.
Retrieved 24 November Retrieved 2 October It's not an automatic red card". Retrieved 16 March Business, Innovation and Skills Committee for Parliament. Retrieved 7 November Retrieved 23 November Finance and Leasing Association. Britain's biggest payday loan company, Wonga, has signed up to a new code of practice being introduced on Wednesday that will restrict the number of times a loan can be extended. Retrieved 28 November Retrieved 28 September Retrieved 30 July Retrieved 31 January Retrieved 9 November Retrieved 25 June Retrieved 26 June Retrieved 26 September Retrieved 25 July The upshot of placing restrictions on the terms at which payday loan companies do business will further limit the availability of credit to people from regulated entities.