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T-EPF M4L4 Key Terms

Traditional EPF Module 4 Lesson 4 Key Terms

TermDefinition
Collateral Item of value offered as a guarantee that a borrower will pay back a loan; houses and cars are commonly used for this.
Secured Credit Loan with collateral offered as security for payment.
Installment Credit Credit where the total amount of the loan is divided over a fixed time period into equal monthly payments.
Revolving Credit Credit that is based on a fixed limit and charges are made on a continuing basis; credit cards are an example.
Foreclosure When a mortgage is not paid, the lender can take possession of the home and re-sell it to recover their investment.
Unsecured Credit Loan that has no collateral.
Home Equity Line of Credit Loan on the equity of the home that can be used like a credit card on a revolving basis.
Equity Stored value of an asset; for example, if a home valued at $150,000 had $40,000 paid on it, the equity is the $40,000.
Bankruptcy Legal process to eliminate an individual or business’s debt.
Created by: dmcsorley13
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