A home equity loan that has a fixed rate and a specific term
Each loan is handled as an individual request with a new application and review of credit-worthiness.
A credit arrangement in which the borrower and lender agree on the total amount loaned and the number, amount and due dates of each payment; all proceeds are advanced at time of closing.
A loan in which money is borrowed in one lump sum for a specified period of time.
A loan for a specific amount of money with a specific repayment schedule. The borrower does not have the right to borrow additional funds. A typical car loan is a closed-end loan.