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Borrowing

QuestionAnswer
Credit merely a tool to buy something now and pay for it later
Microloans Short-Term Loans
Instant Gradification didnt budget for the purchase and dont want to wait until you have the money to buy the item
Principal in exchange for your promise to re payh the money later, usually with interest
Interest the amount you pay to use someone else's money
Simple Interest Formula a quick way to calculate interest
Amortization Calculation Formula figure out an average payment amount for each period
APR the interest rate calculated in a consistent way
Introductory APR rate for a short period to tempt you to borrow
Fixed Interest Rate the same for the life of the loan or account
Adjustable or Variable Interest Rates change at specific times
Maturity Date The final payment date of a loan
Loan Term the amount of time you're obligated to make payments
Annual Fee A yearly fee for having an open account
Cash Advance Fee Fee for withdrawing cash on your credit account
Over the Limit Fee Fee will be applied to your account each time you go over your limit.
Credit Limit the maximum amount you can borrow at any one time.
Grace Period the amount of time before interest starts accumulating on charged purchases.
Loan Term Longer terms typically have lower payments but accumulste more interest.
Origination Fee a charge to process your loan.
Prepayment Penalty always check before making a loan commitment to know about any extra charges if you make early payments.
Down Payment Money you pay upfront toward the purchase to reduce the loan amount.
Discount Points Lenders offer interest-rate discounts as incentives.
Revolving Credit lets you borrow up to a maximum dollar amount whenever you want without applying for credit each time.
Installment (Closed-ended Credit) the entire loan amount is paid to you at once.
Cash Loans no specific purpose and simply pay the borrowed funds directly to you.
Service Credit lets you pay in full usually monthly for a service as charges add up.
Authorized User able to use the credit-car daccount but is not legally liable for the balance due to the account
Joint Account Holder responsible for the balanced of the account along with the other person named on the account and is legally liable for any amount due
Capital Cash on hand
Capacity HAve more money coming in then out
Character Check your reputation for repaying what you owe.
Collteral Partial compensation for what you owe
Conditions Past credit troubles if you can prove you are moving past a bad experience
Credit Reports Detail how a person used credit in the past
Cosign Someone who can agree with you
Cosigner Agrres to repay the debt if you dont
Credit Score A three-digit numbert based on the person's credit report
Subprime Borrower someone lenders see as a big credit risk
Identity Theft your identification documents are taken or online personal files are hacked without your permission
Identity Fraud your personal information is used to make purchases, withdraw chas or set up new accounts without your approvsl
Created by: tdelzeith on 2013-02-06



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