Tools & Tips

Address Book

a book or database used for storing contacts.

Applicable Federal Rates

the interest rate published by the U.S. Treasury to calculate the imputed interest charges.

Automatic Payment

A process that authorizes regular withdrawals to be made from a checking or other deposit account to pay bills, usually regular fixed periodic payments such as mortgage or car payments.

Automobile Loan

a personal loan used to purchase an automobile.

Average Rates

A general guideline of interest rates for personal loans for listed credit grades found on the Internet.

Bank

A bank is an institution, usually incorporated with power to issue its promissory notes intended to circulate as money (known as bank notes); or to receive the money of others on general deposit, to form a joint fund that shall be used by the institution, for its own benefit, for one or more of the purposes of making temporary loans and discounts; of dealing in notes, foreign and domestic bills of exchange, coin, bullion, credits, and the remission of money; or with both these powers, and with the privileges, in addition to these basic powers, of receiving special deposits and making collections for the holders of negotiable paper, if the institution sees fit to engage in such business.

Borrower

someone who receives something on the promise to return it or its equivalent.

Borrower Application Fee

the fee that a borrower pays to initiate the loan process on WikiLoan.

Debt Consolidation

The act of combining several loans or liabilities into one loan. Debt consolidation involves taking out a new loan to pay off a number of other debts.

Debt-to-Income Ratio

This is a figure that calculates how much of a person's income is spent paying his or her debts. The higher one's debt to income ratio is, the more of their monthly income that is solely devoted to paying back debts.

Education Loan

Money borrowed to finance education or school related expenses.

Event Loan

Money borrowed to finance a special event, such as a wedding or bat mitzvah.

Home Improvement Loan

Money borrowed to finance improvements to a home, such as a bathroom remodel or an addition.

Interest Rate

the percentage of a sum of money charged for its use.

Lender

someone who lends money or gives credit in business matters.

Lender Administration Fee

the fee charged to a lender for the use of the WikiLoan platform.

Loan Calculator

a calculator designed to take into account different variables when computing monthly payments for a loan over time.

Loan Listing

the summary of a loan application used for conveying risk and interest rates.

Medical Loan

Money borrowed to finance medical bills.

Monthly Installments

A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

Monthly Payment

A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

Notification

the act of notifying, or something by which notice is given usually by email.

Payment

a sum of money paid.

Peer-to-Peer Lending

is a certain breed of financial transaction which occurs directly between individuals or "peers" without the intermediation of a traditional financial institution.

Platform

the software system that provides fee-based documents and tools for Lenders and Borrowers to manage the Peer-to-Peer lending and borrowing process.

Repayment process

the repayment process the borrower goes through over time to pay back the loan principal plus interest.

Secured Loan

a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.

Small Business Loan

a loan that provides financial assistance to a small business.

Social Network

is a social structure primarily on the Internet made up of individuals that are tied by a common interest.

Term

he length of time set for a borrower to pay off their loan.

UCC Filing

(Uniform Commercial Code) a lien placed upon the assets of a business or individual and registered with the state.

Unsecured Loan

a loan in which the borrower does not pledge an asset.

Usury Laws

State and Federal laws establishing maximum allowable interest rates that may be charged on specified types of credit extensions to specified types of borrowers.

Wikinvite

a system on WikiLoan which allows users to invite family and friends to view their loan listing by emailing an invitation, or by sending it out through their social network.

WikiLoan

a website that provides tools for social lending. People can use the tools on the website to borrow and lend money among themselves at rates that make sense to all parties. WikiLoan provides a platform with loan documentation, promissory notes, repayment schedules, email reminders, online account access, and online repayment.

WikiScore

a weighted scoring system based on the three scores reported by the prominent US credit reporting agencies ("CRA"): Experian, Equifax and TransUnion. WikiScore is based on the following calculation: Low CRA Score x 1 plus Middle CRA Score x 3 plus High CRA Score x 2) divided by 6 = WikiScore. The score is then graded according to the following categories: A+ = 800-850, A = 720-799, B+ = 690-719, B = 660-689, C+ = 640-659, C = 620-639, D = 600-619, and F = 0-599