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6.02 Vocabulary
| Term | Definition |
|---|---|
| Alternative credit | A source of credit that may combine elements of open and closed-end credit and usually have higher interest rates and fees then other forms of credit |
| Closed-end credit | (also known as installment credit) is a loan which you must repay in a specified number of equal monthly payments |
| Open-end credit | (also known as revolving credit) is extended as a line of credit established in advance, so you do not have to apply for credit each time credit is desired |
| Pawn loan | A loan based on the value of personal property |
| Payday loan | A short-term loan that provides immediate cash by securing a borrower's written check or receiving authorization for automatic withdrawal from the borrower's depository institution account |
| Refund anticipation loan | Short-term cash advance secured by a taxpayer's expected refund |
| Rent-to-own | Tangible items such as furniture, electronics or household appliances are leased with the condition that the item will be owned by the renter if the term of rent is completed |
| Title loan | The borrower gives the lender his/her automobile title in exchange for a set amount of cash. The lender holds the title until the loan is repaid. If the loan is not repaid as agreed, the lender keeps title to the item. |
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brooke.burgess
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