Fast Cash and Payday Loans

Financial services offered by providers that are not banks.

• credit unions

• schools

• alternative financial services

• commercial lenders

the cost of credit on a yearly basis, expressed as a percentage, total cost of credit to the consumer.

• APR(Annual percentage rate)

• interest rate

• origination fee

• maintenance fee

a check that is not honored by a bank and is returned to the payee's bank due to nonsufficient funds (NSF) in the account.

• money order

• bounced check

• blank check

• cancelled check

Property required by the lender and offered by a borrower as a guarantee of payment on a loan.

• finance charge

• fixed property

• collateral

• lien

a specified period of time within which a consumer can back out of an agreement to buy something.

• 2 weeks

• real time

• buyers remorse

• cooling off period

a number assigned to a person that indicates to lenders their capacity to repay a loan. Indicates a person's credit risk.

• real score

• credit score

• social security number

• PIN #

the price paid for the use of borrowed money. using someone else's money.

• finance fee

• collateral

• credit bureau

• interest

Occurs when money is withdrawn from a bank account and the available balance goes below zero.

• collateralized loan

• credit score

• interest bearing

• overdraft

Percentage of amount borrowed to be added to the amount loaned and paid back. Also the percentage paid on a savings account.

• percentage rate

• origination rate

• interest rate

• credit rating

a loan not backed by any collateral

• unsecured loan

• secured loan

• collateralized loan

• credit card