Bow tie loans are basically are short-term variable rate loan that defers any unpaid interest charges above a pre-determined interest rate. A bow-tie loan rolls any interest due into the loan principal in a long-term loan from a bank lender or investor.In short, it is a variable-rate loan in which unpaid interest charges above a predetermined interest rate are deferred. A … [Read more...]
How does Check 21 Affects You?
The Check Clearing for the 21st Century Act, otherwise known as Check 21, is the process of turning the checks your write into images and transmitting them by computer. What does this mean to you? Expect the time your check clears to decrease drastically. If you live paycheck to paycheck and often count on a one or two day "grace period" to get funds into your account after … [Read more...]