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Definition
| is the supplying of money, goods, or services at presentin exchange for the promise of future payment. |
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| the business or organization that extends the credit. |
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| is the original amount borrowed. |
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| is backed by a pledge of property. |
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| the property that is pledged to guarantee repayment. |
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Term
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Definition
| is one time extension of credit for a specific amount and time period. |
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| the total amount of interest to be paid is known at the beginning of the loan. |
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Term
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| is a set portion of the loan amount that borrower must pay at regularly scheduled intervals. |
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| the total cost of using credit, including interest and any fees. |
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Term
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Definition
| pattern of past behavior in regard to repaying debt. |
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| a record of a particular consumer's transactions and payment patterns. |
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| an evaluation of a consumer's credit history |
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Definition
| is a numerical rating, based on credit report information, that represents a person's level of creditworthness |
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Term
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Definition
| is a person with a strong established credit history who signs the credit application and contract along with borrower. |
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Term
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Definition
| annual percentage rate, is the annual rate of interest that is charged for using credit. |
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Term
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Definition
| period of time during which the balance may be paid in full to avoid finance charges. |
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Term
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Definition
| is the maximum amount of credit that the creditor will extend to the borrower. |
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Term
| consumer finance companies |
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Definition
| businesses that specialize in making small or personal loans. |
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Term
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Definition
| unlicenssed lenders who operate illegally and charge excessive interest. |
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Term
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Definition
| is a portion of the purchase price paid by cash or check at the time of purchase. |
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Definition
| a final payment that is much larger than the other installments. |
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| gives the seller the right to declare the whole balance due if buyers misses even one installment payment. |
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Term
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Definition
| allows additional purchases to be added to an installment contract, with earlier purchases used as security. |
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Term
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Definition
| is provided by the truth in lending act. |
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Term
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Definition
| the creditor may simply send notices of your overdue |
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Term
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Definition
| failure to fullfill the obligations of the loan, and a warning that the creditor is taking more aggrssive actions toward collecting the debt. |
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Term
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Definition
| taking away property due to failure to make loan or credit payments. |
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Term
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Definition
| aftter exhausting its own eforts to gt a consumer to make past-due payments. |
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Definition
| is a claim upon property to satisfy a debt. |
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| is the legal withholding of a specified sum from a persons wages in order to collect debt. |
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| guidance provided by trained people who help consumers lear to live within their means. |
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Definition
| combines all existing debt into a new loan with a more managable payment schedule |
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Definition
| is legal relief from repaying certain debts. |
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