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6.02
| Term | Definition |
|---|---|
| Alternative Credit | a source of credit that may combine elements of open and closed-end credit and usually have higher interest rates and fees than other forms of credit |
| closed-end credit | (also known as installment credit) is a loan which you must repay in a specified number of equal monthly payments |
| open-end credit | (also known as revolving credit) is extended as a line of credit established in advance, so you do not have to apply for credit each time credit is desired |
| pawn loan | a loan based on the value of personal property |
| payday loan | a short term goal loan that provides immediate cash by securing a borrowers written check or receiving authorization for automatic withdrawal from the borrowers bank account |
| refund anticipation loan | short term cash advance secured by a taxpayers expected tax refund |
| rent-to-own | tangible items leased with condition that the item will be owned by the renter if the rent is completed. the cummulative end amount a consumer pays to leases an item is higher than the onset |
| title loan | the borrower gives the lender the automobile title in exchange for a set amount of cash. the lender holds the title until the loan is repaid. if the loan is not repaid as agreed, the lender keeps the title to the item. |
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