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
Among other alternatives for bypassing the banker, peer-to-peer lending — a funding option in which lenders view funding requests from individual borrowers on an online P2P platform such as Prosper.com and LendingClub.com and then decide whether to make them a loan — is for anyone with poor credit. P2P can provide loans at lower interest rates than a savings account might, according to Forbes.com. Other lending sources are friends and family, gifts and grants.Full Answer >
Websites such as Bankrate.com and CalculatorSoup.com allow the user to put together customized loan payment tables. The Bankrate website puts together mortgage amortization tables, while the Calculator Soup website works for mortgages, car loans and other types of loans as well.Full Answer >
According to Investopedia, a signature loan is a personal loan that does not require collateral to secure, typically issued by a bank or other financial institution. The loan is issued based on the customer's signature on the loan papers and his word that the loan is to be repaid. Because the loan is unsecured, it is also sometimes called a character loan or good faith loan.Full Answer >
Some of the ways to obtain an instant cash loan may include borrowing from a close acquaintance, peer to peer loan services and seeking assistance from credit unions, as noted by Payday Loans U.S. It is much easier for a person with a good credit history to get approval for an instant cash loan from formal institutions, such as banks.Full Answer >