Term
|
Definition
| an arrangement to receive cash, goods, or services now and pay for them in the future |
|
|
Term
|
Definition
| the use of credit for personal needs (except a home mortgage) by individuals and families (AKA NOT used for business purposes) |
|
|
Term
|
Definition
| one-time loans that the borrower pays back in a specified period of time and in payments of equal amounts (175) ex: mortgage loans, auto loans, installment loans |
|
|
Term
|
Definition
| a line of credit in which loans are made on a continuous basis and the borrow is billed periodically for at least partial payment |
|
|
Term
|
Definition
| the dollar amount, which may or may not be borrowed, that a lender makes available to a borrower |
|
|
Term
|
Definition
| a periodic charge for the use of credit |
|
|
Term
| Bank line of credit/revolving check credit |
|
Definition
| a prearranged loan from a bank for a specified amount repaid by installments over a set period |
|
|
Term
|
Definition
| electronically subtracts the amount of a purchase from the buyer’s account at the moment the purchase is made |
|
|
Term
|
Definition
| a loan based on the current market value of a home, less the amount still owed on the mortgage. Can lose home if you miss payments |
|
|
Term
|
Definition
| a reporting agency that assembles credit and other information about consumers AKA Consumer Reporting Agency (CRA) |
|
|
Term
|
Definition
| the borrower’s attitude toward his/her credit obligations |
|
|
Term
|
Definition
| the borrower’s financial ability to meet credit obligations |
|
|
Term
|
Definition
| the borrower’s assets or net worth |
|
|
Term
|
Definition
| a valuable asset that is pledged to ensure loan payments |
|
|
Term
|
Definition
| the general economic conditions that can affect a borrower’s ability to repay a loan |
|
|
