Credit Union/Banks
This type of financial institution is member owned and often has lower fees and better interest rates
What is a credit union?
This type of account is mostly used for everyday transactions
What is a chequing account?
The type of card that allows you to borrow money
What is a credit card?
The purpose of this loan is for expenses like medical, home, etc.
You can borrow as much as your credit limit allows.
What is a line of credit?
This type of financial institution is hard to get to because it has few locations
What is a credit union?
A non physical form of payment linked to a chequing account
What are e-transfers?
Fees that banks and card issuers might charge for using a credit or debit card
What are transaction or service fees?
This type of loan dosen't require a credit score as it is federal.
Student Loan
High interest rates that are normally around 24%.
What is cash advance?
These are the type of financial products a credit union or bank might offer in addition to the normal savings and chequing accounts
What are loans?
What is a savings account?
A feature that allows you to earn rewards, like points, cashback, etc.
What are loyalty programs?
This type of loan allows you to have a grace period of 9 - 14 years.
Student Loans
Repaid in months-years
What is a personal loan?
The name of a credit union
What is Vancity, Coast Capital Savings, or Meridian Credit Union?
What is an interest rate?
The term for extra charges added to a credit card balance if you miss a payment or exceed credit limit
What are late or return fees?
Personal Loans
Potential for interest rate to increase because of variable rates.
What is a line of credit
The ownership of a bank v.s credit union
What is for-profit v.s nonprofit?
What is the FDIC (Federal Deposit Insurance Corporation)?
Representation of a person's credit behaviour
What is a credit score
Type of loan that does not need collateral, but if you cannot pay it back the lender can sue you or has a claim to your assets.
Unsecured Borrowing
It doesn't require a credit check?
What is a student loan?