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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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| The business or organization that extends the credit. |
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| The original amount borrowed plus interest paid for the use of the creditor's money. |
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| Backed by a pledge of property. |
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| The property that is pledged to guarantee repayment. |
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Definition
| A one-time extension of credit for a specific amount and time period. |
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| A set portion of the 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
| Pattern of past behavior in regard to repaying debt. |
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Definition
| A firm that collects information about the creditworthiness of consumers. |
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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
| A numerical rating based on credit report information that represents a person's level of creditworhiness. |
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Definition
| A person with a strong established credit history who signs the credit application and contract along with the borrower. |
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Definition
| The annual rate of interest that is charged for using credit. |
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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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Definition
| 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
| Unlicensed lenderswho operate illegally and charge excessive interest. |
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Definition
| A portion of the purchase price paid by cash or check at the time of the purchase, reducing the ammount borrowed. |
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Definition
| A final payment that is much bigger than the other installments. |
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Definition
| Gives the seller the right to declare the whole balance due if the buyer misses even one installment payment. |
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Definition
| Allows additional purchases to be added to an installment contract, with earlier purchases used as security for later ones. |
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Term
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Definition
| You have the right to cancel the loan within three business days. |
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Definition
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Definition
| Failure to fullfill the obligations of the loan and a warning that the creditor is taking more aggressive actions toward collecting the debt. |
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Definition
| Taking away property due to failure to make loan or credit payments. |
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Definition
| A business that collects unpaid debt for others. |
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Definition
| A claim upon property to satisfy a debt. |
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Definition
| The legal withholding of a specified sum from a person's wages in order to collect a debt. |
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Definition
| Guidance provided by trained people who help consumers learn to live within their means. |
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Definition
| Combines all exisiting debt into a new loan with a more manageable payment schedule. |
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Definition
| Legal relief from repaying certain debts. |
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