According to AccountingTools, common payment terms include one or more of the following components: net, discount and end of month. Payment terms are rules a supplier or seller imposes on a buyer.Know More
A bill or invoice typically provides payment terms to indicate when the payment is due and whether a discount applies. Terms using "net" mean that the full amount is due. For example, "net on receipt" means the payment is due as soon as the buyer receives the goods or services. "Net 30" means the full payment is due within 30 days of the invoice date.
Discount terms indicate whether the seller is offering a discount in certain conditions. "Cash discount 1%" means the seller discounts the invoice amount by one percent if the buyer pays in cash. "Early payment discount 10%" is similar; the seller discounts the invoice amount by 10 percent if the buyer pays before the due date. Discount and net terms are often combined, as in "2% 10 net 30." This term indicates that the seller is offering a two-percent discount for a payment made within 10 days; otherwise, the payment is due within 30 days.
The term "EOM" stands for "end of month" and means that the buyer must pay the bill within a specified number of days following the end of the month. For example, "net 10 EOM" indicates the payment is due within 10 days after the end of the month.Learn more about Personal Loans
A Veterans Affair, or VA, loan entitlement is a basic entitlement of $36,000 that is available to eligible veterans seeking a VA home loan; most lenders will loan up to four times the veteran's entitlement on a home without requiring the veteran to make a down payment. VA loans are still subject to credit and income qualifications and the property being purchased must appraise for the price being asked for it.Full Answer >
A personal loan agreement should cover in detail how much money is being loaned, whether any interest is being charged, and when the loan balance is due to be repaid, along with the applicable payment schedule if the money is due to be repaid in installments, according to Nolo. This type of agreement is often called a promissory note. Though a loan agreement that has been properly signed by all parties involved is typically considered a binding legal document in all states, getting it notarized may be a good choice for added protection.Full Answer >
To make a payment on a GE Money personal loan online, go to their website and register for a consumer account. After logging into the account home page, click the green "Make Payment" button to make a single online payment. Alternatively, click on either the payment or accounts links.Full Answer >
When a borrower misses a payday loan payment, the lender can charge a fee for the missed payment and make an attempt to collect the debt. The lender may cash the check it has on file, which could trigger the check to bounce at the debtor's bank, states Washington Law Help. Payday lenders may decide to send a defaulted account to a collections agency.Full Answer >