Credit Review

A line of credit established in advance so the borrower does not have to apply for credit each time new credit is desired.

• Open‐end credit
• Closed‐end credit

A loan which the borrower must repay the amount in a specified number of equal payments.

• Closed‐end credit
• Open‐end credit

Short‐term loan that provides immediate cash by securing a borrower’s written check or receiving authorization for automatic withdrawal from the borrower’s depository institution account.

• Title loan
• Payday loan
• Refund anticipation loan
• Pawn loan

Tangible items leased with the condition that the item will be owned by the renter if the term of rent (contract) is completed.

• Refund anticipation loan
• Pawn loan
• Rent‐to‐own loan
• Title loan

A loan based on the value of personal property.

• Pawn loan
• Payday loan
• Refund anticipation loan
• Rent‐to‐own loan

The borrower gives the lender his/her automobile title in exchange for a set amount of cash.

• Title loan
• Rent‐to‐own loan
• Pawn loan
• Refund anticipation loan

Short‐term cash advance secured by a taxpayer’s expected tax refund.

• Title loan
• Payday loan
• Refund anticipation loan
• Pawn loan

Receiving goods or services today.

• Credit
• Credit Application
• Rent‐to‐own loan
• Pawn loan

A form requesting information about a credit applicant.

• Credit
• Credit application
• Pay day loan
• Title loan

What is the recommended amount to borrow?

• Less than 5% of annual income
• Less than10% of annual income
• Less than 15% of annual income
• Less than 20% of annual income