Credit review

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

A loan based on the value of personal property.

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

What is a benefit to using money saved instead of credit?

• No interest
• Pay later to use the bought item now
• Reducing the amount of in your savings account

If an individual does not meet the credit terms for a pawn loan, the lender will keep the property.

• True
• False

A person should shop around with different lenders to find the best interest rate.

• True
• False

Credit is the ability to _________ and ____________ later. 

• Buy now; pay
• Save now; spend
• defer later; pay now
• see; smell

People use credit cards because it is easier than___________________.

• bartering
• carrying cash
• trading
• Coins

Having a credit card is good for building and establishing your ____________.

• Debt
• Personal Savings
• Student Debt
• Credit History

Payday lenders allow you to borrow money against your next pay check. This is a bad idea because_____________

• Its a good idea, give me the $$$
• you will quickly spiral into debt
• You can get a higher interest rate from a loan shark
• Banks suggest using different pay day lenders.

To ________ on a loan is to fail to repay the loan.

• default
• bounce
• defer
• exchange