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The Basics of Credit

Credit

TermDefinition
Credit when good or service is received in exchange for a promise to pay a definite sum of money at a future date
Lender Person or Organization that provides the loan. Bank, Credit
Borrower Person who gets the money on as a loan
Creditworthiness
The amount of money you borrow
Interest
Loan Agreement
Installment credit (closed ended) Number of payments (5 years 60 months) + Interest (APR or rate)
Installment credit Examples
Pay off mortgage faster Pay off extra of the principal to cut years off by paying extra payments
Character
Created by: Alayah
Popular Business sets

 

 



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