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Creadit Vocabulary

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FC: Welcome to Credit Vocabulary By: Brttani Reigle

1: AnnualPercentage Rate (APR) | The term annual percentage of rate, Nominal(APR), and Effective APR (EAR) describe the interest rate for a whole year.

2: Bankruptcy | The state being completely lacking in a particular quality or a value. "Many companies were facing bankruptcy".

3: Closed-end credit | Generally any loan or credit sales agreement in which the amounts advanced, plus any finance charges, are expected to be in full.

4: Collateral | Something pledged as security for payment of a loan. Desended from the same stock but by a different line " a collateral discended of George Washington"

5: Contract | A written or spoken agreement, esp, one concerning employment, sales, or tenancy, that is intended to be enforceable. Decrease in size,number, or range.

6: Cosigner | One of two or more signers of the same document (a statreaty or declaration)

7: Credit | The ability to obtain goods or services before payment, based on the trust that payment will be made in the future "unlimited credit'

8: Credit Card | A plastic card issued by a bank, business, etc, for the purchase of goods or services on credit.

9: Person or a company to whom money is owed. | Creditor

10: Credit Report | Credit history or credit report's, in many countries, a record of an individuals or company's past borrowing and repaying.

11: Credit worthy | Considered suitable to receive credit, esp, because of being reliable in paying money back in the past.

12: Foreclosure | The process of taking possession of a mortgaged property as a result of someone's failture to keep up mortgage payments.

13: Open-end Credit | A consumer credit line that can be used up to a certain limit or paid down at anytime.

14: Pawnshop | A pawn broker's shop,esp, one where unredeemed items are sold to the public.

15: Principal | First in order of importance i main.The person with the highest authority or most important position in an organization.

16: Rent-to-own | Is an information term for a type of retail store front businesses which rents assets or items most typically furniture.

17: Repossession | The action of regaining possession(especially the seizure of collateral securing a loan that is default).

18: Is a loan in which the borrower pledges some asset as collateral for the loan. | Secured loan

19: Title loan | A car title loan or simple title loan is a loan where the borrower provides their car title as collateral for a loan.

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  • By: brittani r.
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  • Title: Creadit Vocabulary
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  • Published: over 5 years ago