Term
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Definition
| Finance charges are added after subtracting payments made during billing period |
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Term
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Definition
| Lien for unpaid services assessed against personal property that has been improved |
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Term
| Average daily balance method |
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Definition
| Finance charges figured by adding balances for each day in billing period and then divide by the number of days in the billing period |
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Term
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Definition
| Property that is the subject of a secured loan |
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Term
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Definition
| Helps protect a loan when a borrower’s credit rating is poor or has not been established |
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Term
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Definition
| Card or other device used to obtain goods, money, or services on credit |
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Term
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Definition
| A party who sells on credit or lends money |
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Term
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Definition
| A party who buys on credit or borrows money |
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Term
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Definition
| A written notice of existence of a security interest in identified property |
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Term
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Definition
| Court-ordered procedure by which a portion of a delinquent debtor’s wages are paid to satisfy the debt |
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Term
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Definition
| Interest-free period before payment is due |
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Term
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Definition
| Party agreeing to be secondarily liable in case of default by the principal debtor |
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Term
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Definition
| Legal right in another’s property as security for the performance of an obligation such as the repayment of a loan |
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Term
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Definition
| Lien against realty available to one who has supplied labor or materials to improve it |
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Term
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Definition
| Credit that can be increased by debtor up to a limit set by creditor |
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Term
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Definition
| Pledge of tangible personal property |
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Term
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Definition
| Creditor obtains possession of collateral by written or oral agreement |
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Term
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Definition
| Creditor in a pledge who takes possession of property given up by pledgor |
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Term
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Definition
| Debtor in a pledge who voluntarily gives up possession of the property |
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Term
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Definition
| Finance charges figured as if no payments made during billing period |
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Term
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Definition
| An account in which you can keep an outstanding balance and pay a small amount each month |
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Term
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Definition
| Cosurety who pays the full debt is entitled to judgment against the other cosureties for their proportionate share of the debt |
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Term
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Definition
| Creditors obtain an interest in something of value |
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Term
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Definition
| Lender or seller who holds secured interest |
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Term
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Definition
| A contract where debtor retains possession of collateral under a written contract |
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Term
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Definition
| Interest given to creditors |
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Term
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Definition
| Third party agreeing to be primarily liable for debt in case of default by the principal debtor |
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Term
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Definition
| Being primarily liable for a debt created in favor of the principal debtor |
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Term
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Definition
| Charging a greater amount of interest on a loan than is allowed by law |
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