Glossary

P

Prepayment Penalty

Some lenders charge a fee if you pay more than is agreed upon in your loan repayment terms. This is typically done to protect the lender and ensure that they receive the full loan payment and interest over time.

Prime Rate

Customers with high credit ratings may be qualified to receive the best, or prime, interest rate on loans from banks and other lenders.

Proprietorship

Proprietorship is the most common legal form of business ownership. In a proprietorship, the business owner is responsible for all liabilities and obligations.

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