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account loan only payday savings
account loan only payday savings
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Please check for inaccuracies and modify as needed, citing the sources against which it was checked.
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An interest-only loan is a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged. At the end of the interest-only term the borrower may enter an interest-only mortgage, pay the principal, or (with some lenders) convert the loan to a principal and interest payment (or amortized) loan at his/her option.
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