Here's a comprehensive glossary of terms used in communications with Windmill Microlending that you may find helpful:
- Account Closed: This error indicates that the bank account on file has been closed. To resolve this, provide a new account number promptly to the Loan Management Team.
- Amortization Schedule: A table detailing the payments of a loan over time, including interest and principal amounts for each scheduled payment.
- Arrears: Missed or late payments due to non-sufficient funds, account closure, or other issues.
- Bank Account Number: A unique series of numbers identifying a bank account, used for fund transfers and payments.
- External Collections: Debt collections agencies that recover unpaid debts. Windmill may engage external collections if multiple payments are missed.
- Credit History: A record of your credit accounts and payments, affecting your creditworthiness.
- Credit Score: A numerical representation of credit risk to lenders, based on credit history.
- Delinquent: Late or overdue on a payment, with consequences depending on the type and duration of delinquency.
- Direct Deposit Form: Documentation confirming bank account details for pre-authorized payments.
- Disbursement: Transfer of loan funds to a bank account, increasing the outstanding principal and interest calculation.
- Equifax: A major credit reporting agency in Canada, providing credit history reports.
- Installment Loan: A loan repaid in fixed installments over time.
- Interest: The cost of borrowing money, expressed as a percentage.
- Loan Documents Package: Documentation including borrower and lender responsibilities, interest rate, and cost of borrowing.
- NSF (Non-Sufficient Funds): An error when a payment fails due to insufficient funds in the account.
- Online Payment: Deposits made online using banking software.
- Pay in Full Early: Repaying the entire loan amount before the scheduled maturity date, without penalties.
- PAP (Pre-Authorized Payments): Withdrawals from a bank account for monthly payments.
- Prime Rate: Interest rate at which banks lend to customers with good credit.
- Principal: Original amount borrowed, excluding interest.
- Principal + Interest: Total amount borrowed plus interest, paid in scheduled installments.
- Repaid: Loan status indicating full repayment.
- Restructure: Modification of loan terms due to inability to adhere to original terms.
- Variable Interest Rate: Interest rate that fluctuates based on benchmark rates.
- Void Cheque: A cancelled cheque used for setting up direct deposits.
For more details or explanations, consult your loan documents or visit Windmill Microlending's website.