Term
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Definition
| receipt of funds either directly or indirectly to buy goods and servces in the present with the promise to pay for them in the future |
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Definition
| amount orginally borrowed in a loan |
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Term
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Definition
| amount the borrower must pay for the use of someone else's funds |
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Term
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Definition
| type of loan repaid with equal payments, or installments, over a specific period of time |
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Term
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Definition
| manufactured items that have a life span longer than 3 years |
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Term
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Definition
| installment debt owed on houses, buildings, or land |
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Term
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Definition
| Bank whose main funcitons are to accept deposits, lend fundds, and transfer funds among banks, idividuals, ad businesses |
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Term
| Savings and loan association (S&L) |
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Definition
| Depository institution that accepts deposits and lends funds |
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Term
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Definition
| Depository institution orginally set up to serve small savers overlooked by commercial banks |
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Term
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Definition
| Depository institution owned and operated by its members to provide savings accounts and low-interest loans only to its members |
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Term
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Definition
| company that takes over contracts for installment dets from stores and affs a fee for collecting the debt; a consumer finanace company makes loans directly to consumers at high rates of interest |
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Term
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Definition
| credit extended to a consumer allowing the consumer to buy goods or services from a particual company and to pay for them later |
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Term
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Definition
| credit device that allows a person to make purchases at many kinds of stores, restraunts, and other businesses without paying cash |
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Term
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Definition
| Cost of credit expressed monthly in dollars and cents |
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Term
| Annual Percentage Rate (APR) |
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Definition
| cost of credit expressed as a yearly percentage |
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Term
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Definition
| private business that investigates a person to determine the risk involved in lending to that person |
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Term
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Definition
| investigation of a person's income, current debts, personal life, and past history of borrowing and repaying debts |
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Term
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Definition
| rating of the risk involved in lending to a specific person or business |
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Term
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Definition
| something of value that a borrower lets the lender claim if a loan is not repaid |
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Term
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Definition
| loan that is backed up by collateral |
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Term
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Definition
| loan guranteed only by a promise to repay it |
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Term
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Definition
| law restricting the amount of interest that can be charged for credit |
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Term
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Definition
| the state of legally having been declared unable to pay off debts owed with available income |
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