Credit Basics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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alternative credit | source of credit (may combine some open- and closed- end credit); higher interest rates and fees
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closed-end (installment) credit | loan; must repay by specific terms
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open-end (revolving) credit | extended line of credit established in advance; (do not have to apply for credit every time it is desired; inspecific in payment terms
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pawn loan | loan based on one's personal property value
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payday loan | short-term loan; provides immediate cash by 1)securing a borrower's written check, or 2)receiving authorization for automatic withdrawal from the borrower's bank account
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refund anticipation loan | short-term cash advance secured by a taxpayer's expected tax refunds
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rent-to-own | tangible items leased w/ conditions that the item will be owned by the renter if the term of rent is completed
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title loan | borrower gives the lender his automobile title in exchange for a set amount of cash; when loan is repayed, title is returned
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Created by:
Tate.cord70
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