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6.02
Vocab
| 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 than 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 tax refund. |
| Rent-to-Own | Tangible items such as furniture, electronics or household appliances are leased 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. |
Created by:
MarkEfird
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