Credit Terms
The amount of the loan you borrow.
What is Principle?
You make monthly payments for a car for a period of time and then return it without owning it.
What is leasing a car?
Average range of payday loan interest rates.
What is 300-500%?
What is a pre-paid card?
Fixed Rate or Variable; how much the bank charges you to borrow money.
What is Interest Rate / APR?
Complete the statement:
A lower monthly payment is typically associated with a ____ term.
What is higher/longer?
What is your checking account balance?
Marketing techniques predatory lenders use.
What is instant approval / quick cash?
Money coming out of your checking account vs. using a loan you have to pay back later.
What is debit cards vs. credit cards?
The amount of time you finance the loan for.
What is term?
Your monthly car payment will be lower and you will save interest over time if you do this.
What is put a down payment?
This makes up the largest portion of how credit scores are calculated.
What is payment history?
Alternatives to payday loans.
What is - small loans from credit union/banks, asking family/friends, asking churches, charity groups, etc.?
Term used if a consumer pays off their credit card balance in full each month.
What is a deadbeat?
What is an Installment Loan?
Your payment is at a fixed rate for 5 years and then will increase once every year after that.
What is a 5/1 ARM?
300-850.
What is the range of credit scores?
Payday loans do not require this- making it easy to qualify compared to other banks.
What is a credit check?
What is a Schumer Box?
This is made up of principle and interest in a loan.
Full term for ARM Loan.
What is Adjustable Rate Mortgage?
The 3 credit reporting bureaus.
Predatory lenders' objective is this.
What is make the most profit/money?
How minimum payments are calculated for credit cards each month (two ways).
What is 3% or $25 which is higher?