Temple, Texas is located in Bell county. It is 62 miles NE of Austin, Texas. The city is situated in the Killeen – Temple area. Austin-Bergstrom International Airport provides air service. Total population is 73,143. 48% counts males in Temple, 52% – females. Median age is 34. $64,002 is median family income. 17.1% is the rate of people living under the poverty line. Median gross rent is $877. Median house value is $138,700. Standard Zip codes are 76504, 76501, 76502. Time zone is America/Chicago.
What are loans Temple, TX?
Loans Temple, TX are money or goods that a bank or other credit institution lends to a borrower. Usually they are issued at interest, but there are exceptions.
The legal relationship between the client and the lender is fixed by the loan agreement. The key terms of the loan agreement are the amount, term and interest rate. They differ depending on the bank’s policy, the type of loan, the intended purpose, and the characteristics of the borrower. There is a pattern: the longer the loan term, the lower the interest rate.
The borrower must guarantee that he will be able to return the money. To do this, he can use a guarantee, payment of penalties, a pledge and a bank guarantee.
The main principles of lending are repayment, urgency and payment. Repayment assumes that the loaned values in a form agreed in advance (loan agreement), most often monetary, will be returned to the seller of the loan (lender). Violation of the repayment principle can cause irreparable damage to the lender, therefore, in modern conditions, it is customary to stipulate methods of credit risk insurance in credit agreements. The target orientation of lending ensures the repayment and payment of the loan.
Types of loans available on the financial market
The loan can be targeted or non-targeted. A non-targeted loan is a loan that the borrower spends at his discretion, without coordinating it with the bank. Targeted loans differ in several types, depending on the purpose for which they are taken out:
- mortgage loan;
- car loan;
- land loan;
- consumer loan;
- educational loan;
- brokerage loan;
It is also possible to divide loans into several types, depending on how the funds are received by the borrower:
- cash loan;
- credit line.
The modern credit system is a set of various credit and financial institutions operating in the credit market and accumulating and mobilizing monetary capital.
There are two main forms of credit on the market: commercial credit and bank credit. They differ from each other in the composition of participants, the object of loans, dynamics, the amount of interest and the scope of functioning.
There are the following types of loans Temple, Texas:
- commercial loan – provided by some functioning entrepreneurs to others in the form of the sale of goods with deferred payment. It is issued by a promissory note. Its object is commodity capital. The goal is to accelerate the sale of goods and the profits contained in them.
- a bank loan is issued by banks, special credit and financial institutions, functioning entrepreneurs in the form of cash loans. This is the main type of loan in modern conditions. The object of a bank loan is monetary capital. A bank loan overcomes the boundaries of a commercial loan, since it is not limited by the direction, terms and amounts of credit transactions, i.e. it makes the loan more flexible, expands its scope, increases security.
- consumer loan is issued to consumers in the form of a commercial loan (sale of goods with deferred payment) and a bank loan (loans for consumer purposes).
- a mortgage loan is a long-term loan secured by real estate (land, industrial and residential buildings).
- a state loan is a set of credit relations in which the borrower or lender is the state and local authorities in relation to citizens and legal entities. The traditional form of this loan is the issuance of government loans, which withdraw from 1/3 (USA) to 2/3 (Germany) of the resources of the loan capital market to cover the budget deficit. A peculiar kind of public credit is the guarantee of the state on private loans.
- international loan is the movement of loan capital in the field of international economic relations associated with the provision of currency and commodity resources on the terms of repayment, urgency and payment. Banks, enterprises, states, international and regional organizations act as lenders and borrowers.
- agricultural loan is issued by banks for a long time to cover large investments in agricultural production, usually secured by real estate.
- usurer’s credit persists as an anachronism in a number of developing countries where the credit system is poorly developed. Usually such a loan is issued by individuals, money changers, some banks.