Chapter 25: The Basics of Credit

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Pawnshop loan

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13 Terms

1

Pawnshop loan

A(n) ________ is based on the value of something you own that is left with a pawnbroker as security against money borrowed.

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2

Consumer finance companies

________ specialize in loans to people who might not be able to get credit elsewhere.

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3

Debtor

A(n) ________ borrows money or uses credit.

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4

real estate

It is used to purchase ________, such as a home.

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5

Interest rates

________ vary from one provider to the next.

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6

Credit

________ is an agreement to obtain money, goods, or services now in exchange for a promise to pay in the future.

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7

Financial institutions

________ such as banks, savings and loans, and credit unions offer many types of loans.

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8

Payday advance services

________ offer short- term loans until payday.

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9

personal reasons

The type of credit used by people for ________ is called consumer credit.

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10

single purpose

There are three basic types of credit cards: ________, multipurpose, and travel and entertainment.

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11

Creditors

________ charge a fee for using their money, which is called interest.

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12

Credit

________ used by businesses is called commercial credit.

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13

There are three basic types of credit cards

single-purpose, multipurpose, and travel and entertainment

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