List of short forms used in Loan in the USA

List of short forms used in Loan in the USA

First of all, you should understand a loan- A loan is a financial arrangement between two parties in which one party (the lender) agrees to lend money or assets to the other party (the borrower) in exchange for repayment of the principal amount plus interest or other fees over a specified period of time. Loans are a crucial part of the financial system and are used by individuals, businesses, and governments for a variety of purposes.

You know that Loans are typically categorized as secured or unsecured.

1. A secured loan is backed by collateral, such as a house or car, which the lender can seize if the borrower fails to repay the loan.
2. An unsecured loan, on the other hand, does not require collateral and is granted based on the borrower’s creditworthiness and ability to repay.

Different types of loans include

1. Personal loans,
2. Business loans,
3. Mortgages,
4. Auto loans,
5. Student loans,
6. And more as per requirement.

The terms and conditions of a loan, such as the interest rate, repayment period, and other fees, are determined by the lender and agreed upon by the borrower before the loan is disbursed.

Taking out a loan can be a useful way to obtain funds for various purposes, but it’s important to understand the short forms, terms, and risks involved before committing to any loan.

List of 100 abbreviations used in Loan

Here is the list of 100 short forms normally used in loan

1. L – Loan
2. LOC – Line of Credit
3. PCL – Personal Consumer Loan
4. HELOC – Home Equity Line of Credit
5. SBA – Small Business Administration
6. FHA – Federal Housing Administration
7. VA – Veterans Affairs
8. USDA – United States Department of Agriculture
9. ARM – Adjustable-Rate Mortgage
10. IOU – “I Owe You”
11. APR – Annual Percentage Rate
12. ACH – Automated Clearing House
13. BAL – Balance
14. BPO – Broker Price Opinion
15. CFPB – Consumer Financial Protection Bureau
16. COFI – Cost of Funds Index
17. DTI – Debt-to-Income Ratio
18. EMI – Equated Monthly Installment
19. FICO – Fair Isaac Corporation
20. GFE – Good Faith Estimate
21. HAMP – Home Affordable Modification Program
22. HUD – Department of Housing and Urban Development
23. IBR – Income-Based Repayment
24. Jumbo – Jumbo Mortgage
25. LIBOR – London Interbank Offered Rate
26. LTV – Loan-to-Value Ratio
27. MIP – Mortgage Insurance Premium
28. NINA – No Income No Asset
29. OAC – On Approved Credit
30. PITI – Principal, Interest, Taxes, and Insurance
31. PMI – Private Mortgage Insurance
32. QM – Qualified Mortgage
33. RTO – Rent-to-Own
34. SISA – Stated Income Stated Asset
35. TIL – Truth in Lending
36. UCC – Uniform Commercial Code
37. VOD – Verification of Deposit
38. W2 – Wage and Tax Statement
39. YSP – Yield Spread Premium
40. ATR – Ability-to-Repay
41. BLP – Business Loan Program
42. C&I – Commercial and Industrial
43. DSCR – Debt Service Coverage Ratio
44. EBL – Export-Import Bank of the United States Loan
45. FHLB – Federal Home Loan Bank
46. GSE – Government-Sponsored Enterprise
47. HARP – Home Affordable Refinance Program
48. IRRRL – Interest Rate Reduction Refinance Loan
49. JRR – Jumbo Refinance Rate
50. LDP – Loan Delivery Package
51. MERS – Mortgage Electronic Registration System
52. NINA – No Income No Asset Verification
53. OBR – Owner Builder Requirements
54. PUD – Planned Unit Development
55. QRM – Qualified Residential Mortgage
56. RPA – Residential Purchase Agreement
57. SBC – Small Business Credit
58. TBA – To Be Announced
59. UDAAP – Unfair, Deceptive, or Abusive Acts or Practices
60. VAR – Variable Rate
61. WRIT – Washington Real Estate Investment Trust
62. YTM – Yield to Maturity
63. AMI – Area Median Income
64. BHC – Bank Holding Company
65. CD – Certificate of Deposit
66. DCI – Depository Credit Intermediation
67. EDA – Economic Development Administration
68. FOMC – Federal Open Market Committee
69. GHP – Guaranteed Home Purchase
70. HSA – Health Savings Account
71. ICL – International Credit Letter
72. JPA – Joint Powers Agreement
73. KTB – Key Terms and Benefits
74. LDP – Local Development Plan
75. MCA – Merchant Cash Advance
76. NRE – Non-Resident External
77. OPM – Other People’s Money
78. P2P – Peer-to-Peer
79. QBI – Qualified Business Income
80. RFA – Request for Application
81. SIPC – Securities Investor Protection Corporation
82. TARP – Troubled Asset Relief Program
83. UCA – Universal Credit Application
84. VIE – Variable Interest Entity
85. WRA – Wisconsin REALTORS Association
86. XIRR – Extended Internal Rate of Return
87. YTD – Year-to-Date
88. ZBA – Zero Balance Account
89. ARM – Advanced Risk Management
90. BPLR – Benchmark Prime Lending Rate
91. CAGR – Compound Annual Growth Rate
92. DLOM – Discount for Lack of Marketability
93. EIR – Effective Interest Rate
94. FAP – Financial Aid Package
95. GIP – Global Infrastructure Partners
96. HFI – Held for Investment
97. IBC – International Bank of Commerce
98. JCT – Joint Committee on Taxation
99. KCB – Kenya Commercial Bank
100. LDC – Loan Development Center

You should check out also the list of short forms in finance and more abbreviations or short forms used in Loan from ucop.edu

Faqs on loan abbreviations