Term
|
Definition
| is the supplying of money, goods, or services at present in exchange for the promise of furture payment. |
|
|
Term
|
Definition
| the business or organization that extends the credit. |
|
|
Term
|
Definition
| is the original amount borrowed, plus $724 interest paid for the use of the creditor's money. |
|
|
Term
|
Definition
| is backed by a pledge of property. |
|
|
Term
|
Definition
| the property that is pledged to guarnatee repayment is known as security. |
|
|
Term
|
Definition
| is one-time extension of credit for a specific amount and time period. |
|
|
Term
|
Definition
| can be used repeatedly monthly account balance. |
|
|
Term
|
Definition
| is a set portion of the loan amount that the borrower must pay at regularly schelduled intervals. |
|
|
Term
|
Definition
| the total cost of using credit, including intrest and any fees. |
|
|
Term
|
Definition
| pattern of past behavior in regard to repaying debt. |
|
|
Term
|
Definition
| credit reporting agency, is a firm that collects infomation about the bredit worthiness of consumers. |
|
|
Term
|
Definition
| a record of a particular consumers transactions and payment patterns. |
|
|
Term
|
Definition
| an evaluation of a consumers credit history. |
|
|
Term
|
Definition
| is a numerical rating, based on credit report information, that represents a persons level of creditworthiness. |
|
|
Term
|
Definition
| is a person with a strong established credit history who signs the credit application and contract along with the borrower. |
|
|
Term
| APR (annual rate percentage) |
|
Definition
| is the annual rate of interest that charged for using credit. |
|
|
Term
|
Definition
| period of the time during which the balance may be paid in full to aviod fiance charges. |
|
|
Term
|
Definition
| is the maximum amount of credit that the creditor will extend to the borrower. |
|
|
Term
| Consumer Finance Companies |
|
Definition
| are businesses that specialize in making small or personal loans. |
|
|
Term
|
Definition
| unlicensed lenders who operate illegally and charge excessive interest. |
|
|
Term
|
Definition
| is a portion of the purchase price paid by cash or check at the time of purchase, reducing the amount borrowed. |
|
|
Term
|
Definition
| a final payment that is much larger than the other installments. |
|
|
Term
|
Definition
| gives the seller the right to declare the whole balance due if the buyer missies even one installment payment. |
|
|
Term
|
Definition
| allows additional purchases to be added to an installment contract, with earlier purchases used as security for later ones. |
|
|
Term
|
Definition
| is provided by the Truth in Lending Act |
|
|
Term
|
Definition
| the creidtor may simply send noptices of your overdue. |
|
|
Term
|
Definition
| failure to fulfil the obligations of the loan and a warning. |
|
|
Term
|
Definition
| taking protery because of failure to make payments |
|
|
Term
|
Definition
| past duie ayments property go to aganecy |
|
|
Term
|
Definition
|
|
