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Argylls 8 CLW

TermDefinition
credit the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
consumer credit use of credit for personal needs.
creditor a person or company to whom money is owed
closed-end credit type of credit that should be repaid in full amount by the end of the term, by a specified date.
open-end credit A pre-approved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due.
line of credit an amount of credit extended to a borrower.
grace period a time period during which no finance charges will be added to your account.
finance charge is any fee representing the cost of credit, or the cost of borrowing.
net income is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
annual percentage rate The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default.0.
simple interest A quick method of calculating the interest charge on a loan.
minimum monthly payment The smallest amount of a credit card bill that a consumer can pay, to remain in good standing with the credit card company.
credit rating an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings.
cosigning The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default.
bankruptcy the state of being bankrupt.
finance the management of large amounts of money, especially by governments or large companies.
title a name that describes someone's position or job.
portion a part of a whole; an amount, section, or piece of something.
pledged give as security on a loan.
promptly with little or no delay; immediately.
impostors a person who pretends to be someone else in order to deceive others, especially for fraudulent gain.
repossess retake possession of (something) when a buyer defaults on payments.
confidential entrusted with private or restricted information.
Created by: Cvvamp