GIVE ME SOME CREDIT
A plastic card that allows you to make purchases with borrowed money which you must repay in one lump sum or in monthly payments with interest.
What is a Credit Card?
The amount a financial institution charges for the borrowing of money.
What is Interest?
A partial payment made in cash at the beginning of the purchase that lessens the overall loan amount.
What is a Down Payment?
A type of loan that is backed by collateral, which is an asset the lender can take if the borrower does not repay the loan.
What is a Secured Loan?
This account allows you to deposit your money and get paid minimal interest.
What is a Savings Account?
A loan used to purchase a home which can be paid back in various terms up to 30 years.
What is a Mortgage?
The original amount of money borrowed.
What is the Principal?
The maximum amount that may be borrowed.
What is the Credit Limit?
A type of loan that is not backed by collateral.
What is an Unsecured Loan?
This account is a transactional account that allows you to deposit money and access your money in a variety of ways, including with a Debit Card and Mobile Pay.
What is a Checking Account?
A loan used to purchase a mode of transportation (car, truck, motorcycle), averaging a term of 60 or so months.
What is an Auto Loan?
The interest you pay each year to borrow money, including fees, expressed as a percentage.
What is the Annual Percentage Rate?
The smallest agreed upon amount you can pay each month on a loan to remain in good standing.
What is the Minimum Monthly Payment?
A person who is added to a loan and serves as a “back up” for the financial institution if the primary borrower doesn’t pay the loan.
What is a Cosigner?
This account is created for kids. It pays higher interest and allows you to earn Super Saver tokens to trade in for prizes.
What is a Money Maker Youth Account?
A loan used to cover the costs of higher education. Repayment of these loans typically begins once schooling ends.
What is a Student Loan?
Something valuable that the lender can take as payment if you can’t or don’t repay your secured loan.
What is Collateral?
A credit card benefit that pays the cardholder a small percentage of their expenditures, often as cash or payment toward their credit card balance.
What is a Cash Back Reward?
A type of loan that offers a set interest rate that does not change through the term of the loan.
What is a Fixed Rate Loan?
This type of account allows you to deposit a set amount of money for a set amount of time and earn higher interest on it.
What is a Share Certificate or Certificate of Deposit?
A loan used to purchase various things that do not provide the financial institution with collateral. This could include money for things like a vacation, a computer, or Christmas expenses.
What is a personal loan?
The length of time you have to pay your loan in full.
What is the Term?
The numerical number that tells a financial institution what the likelihood is that you will repay your loan.
What is your Credit Score?
A type of loan that uses an interest rate that can fluctuate through the term of the loan and moves in relation to another index number.
What is a Variable Rate Loan?
This tool allows you to access all of your accounts from your phone, deposit checks, pay other people, and transfer money between your accounts.
What is a Mobile Banking App?