· A loan to value (ltv) ratio describes the size of a loan you take out compared to the value of the property securing the loan. Lenders and others use LTV’s to determine how risky a loan is. A higher LTV ratio suggests more risk because the assets behind the loan are less likely to pay off the loan as the LTV ratio increases.
The maximum loan term only means that the PDL can if they choose, to offer you a 45 day loan but they do not have to. Some states do have a minimum term also. So if the state allows a maximum of 45 days, they can offer the loan for any amount of days, up to 45 days.