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Definition
| The supplying of money, goods, or services at present in exchange for the promise of future payment |
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| A business or organization that extends credit |
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| Credit that is backed by a pledge of property |
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| Property that is pledged to guarantee repayment of a loan |
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Definition
| A one-time extension of credit for a specific amount and time period |
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| Credit that can be used repeatedly |
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| A set portion of a loan amount that the 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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Definition
| A pattern of past behavior in regard to repaying debt |
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Definition
| A firm that collects information about the credit worthiness of consumers |
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| A record of a particular consumers transactions and payment patterns |
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| An evaluation of a consumers credit history |
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| A numerical rating, based on credit report information, that represents a persons level of credit worthiness |
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| A person with a strong established credit history who signs a credit applicaion and contract along with the borrower |
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Definition
| Annual percentage rate; the annual rate of interest that is charged for using credit |
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Definition
| Period of time during which the balance on a credit card may be paid in full to avoid finance charges |
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Term
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Definition
| The maximum amount of credit that a creditor will extend to a 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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Definition
| Unlicensed lenders who operate outside the law and charge excessive interest |
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Term
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Definition
| A portion of a purchase price paid by cash or check at the time of purchase, reducing the amount borrowed |
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Definition
| A final loan payment that is much larger than the other installments |
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| A provision in an installment loan contract that gives the seller the right to declare the whole balance due if the buyer misses even one installment payment |
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Definition
| A loan contract provision that allows purchases to be added to an existing installment loan, with earlier purchases used as security for later ones |
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Definition
| The right, provided by the Truth in Lendin Act, that gives borrowers up to three business days to cancel a loan or other credit transaction for which their home is pledged as security |
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Definition
| Failure to fullfill the obligations of a loan |
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| Taking awayy property due to failure to make loan or dredit payments |
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Definition
| A business that collects unpaid debt for others |
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| A claim upon property to satisfy a debt |
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| The legal withholding of a specified sum from a persons wages in order to collect a debt |
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| Guidance provided by traines people who help consumers learn to live within their means |
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| A loan that combines all existing debt into a new loan with a more manageable paymeny schedule |
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Definition
| Legal relief from repaying certain debts |
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