Loans and Debt
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each of the black spaces below before clicking
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| Home Loan | Closed-end installment loans for the purchase of a home.
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| Home Equity Loan | A loan using ownership interest in the home.
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| Home Improvement Loan | A loan that helps make needed repairs or improvements to a home.
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| Vehicle Loan | A secured loan for the purchase of a new or used vehicle.
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| Personal Line of Credit | Open-ended, unsecured, can draw upon it when needed to a preset limit.
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| Education or Student Loan | Used to pay for higher education, has lower interest rates and flexible repayment schedules.
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| Consumer Finance Company | Businesses that specialize in making small of personal loans.
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| Insurance Policy Loan | A policy holder borrowers money against the amount that has already be paid in premiums.
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| Down Payment | A portion of the purchase price paid by cash or check at the time of purchase, reducing the amount borrowed.
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| Balloon Payment | A final payment that is much larger than other installments.
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| Acceleration Clause | Gives the seller the right to declare the whole balance due if the buyer misses one installment payment.
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| Add On Clause | Allows additional purchased to be added to a contract, with earlier purchases used as security for later ones.
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| Credit Life Insurance | Is designed to pay off the loan in the even to your death.
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| Right of Rescission | If pledging your home as security for a loan or other credit transactions, have the right to cancel the loan within 3 business days.
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| Default | The failure to fulfill the obligations of the loan.
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| Repossession | Taking away property due to failure to make loan or credit payments.
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| Collection Agency | A business that collects unpaid debt for others.
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| Lein | A claim upon property to satisfy a debt when the home is sold.
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| Garnishment | The legal withholding of a specified sum from a person’s wages in order to collect a debt.
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| Payday Loans | Shrot-term, high interest rate loans
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| Pawn Broker | Allows a consumer to trade an item for cash, have the option to purchase the back at a higher price
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| Loan Shark | An unlicensed individual that operates illegally, provides loans with an excessive interest rate
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| Fair Debt Collection Practices Act | Prevents companies to use abusive practices of debt collection, over charging, and disclosing consumer debt to third parties
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| Chapter 7 | Requires the sale of personal property to satisfy debt
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| Chapter 13 | Sets up a payment plan to pay off some or all of the debt over time
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Created by:
tlahr
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