Loan Types
A loan used to purchase a home
What is a Mortage loan?
The initial amount borrowed in a loan
What is the principal amount?
The process of using credit to purchase goods or services
What is Credit?
A type of loan used to consolidate multiple debts into a single payment
What is a Debt Consolidation loan?
The annual percentage rate charged for borrowing money
What is interest rates?
A numerical score that represents a person's creditworthiness.
Credit Score
A loan used to finance higher education
What is a Student loan?
The assets pledged to secure a loan
What is Collateral?
The highest possible credit score
850
A loan that is secured by collateral
What is a Secured loan?
The total amount that must be repaid on a loan, including the principal and interest.
Total cost of credit
A financial document that that shows a persons credit history
What is a Credit Report?
A credit card and student loan
What is a Unsecured loan?
The frequency and amount of payments required to repay a loan
What is a Repayment schedule?
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