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Business - Ch 8

Borrowing

TermDefinition
Borrowing Getting a sum of money from a financial institution which must be paid back with interest.
Loan A sum of money that is borrowed from a financial institution and then paid back in instalments.
Mid-term loan Repaid over one to five years, with interest.
Long-term loan Repaid over more than five years, with interest.
Collateral Something of value that the borrower promises to give to the lender in the event of non-payment.
Guarantor A person who agrees to pay the loan if the applicant is unable to pay.
Mortgage A loan for a house or other property, repaid in instalments over a long period of time, such as 20 or 30 years.
Credit rating History of paying back borrowed money.
APR The annual rate charged on a loan.
Hire purchase Allows a person to use a product while they are paying it off.
Leasing Using goods for a short period of time without ever owning them (renting).
Debt A sum of money that is owed or overdue.
Arrears An account where payments are late or unpaid.
Created by: leahddoherty
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