Single Pay Loan
What does it mean
A Single Pay Loan refers to a loan product where all Principal and Interest is due in a single payment at maturity.
Why does it matter
Knowing the different loan products and matching them with the borrower’s scenario is extremely important. A Single Pay loan is appropriate in situations where the customer will receive a large influx of cash in the future to repay the debt. A risk of this structure would be if the planned cash influx event does not occur or is delayed.
Other Relevant Terms
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Greetings! I'm Clay Sharkey, and there is nothing I like more than assisting others in achieving their goals. I firmly believe that by enhancing a banker's understanding of their customer's' business, they can provide superior service. This superior service, in turn, leads to stronger relationships for the bank, improved performance for the businesses, and better experiences for our communities. Win-win-win.
