Personal Finance 5 - Credit

An agency which collects the credit history of consumers so that creditors can make decisions about granting loans?

• Credit Bureau

• Credit Report

• Credit History

• Credit Union

An arrangement to receive cash, goods or services now and pay for them in the future?

• Loan

• Sale

• Credit

• Interest

Written guarantee from manufacturer or distributor specifying the conditions under which the product can be returned, replaced or repaired?

• Warranty

• Promissory Note

• Secured Loan

• Interest Free Loan

Privilege used as needed until line of credit max reaches it limit?

• Consumer Loan

• Pay Day Loan

• Open-End Credit

• Closed-End Credit

One-time loan for a specific purpose and a specific amount paid back in a specified period of time?

• Closed-End Credit

• Consumer Loan

• Pay Day Loan

• Open-End Credit

Borrowing money with an agreement to repay along with interest within a certain amount of time?

• Consumer Loan

• Open-End Credit

• Loan

• Closed-End Credit

What would be considered an inexpensive loan?

• Check Cashing Loan

• Pay Day Loan

• Rent-To-Own Loan

• Borrowing money from your parents or family members

Loan based on your home equity; current market value of your home minus the amount you still owe on the mortgage?

• Home Equity Loan

• Check Cashing Loan

• Pay Day Loan

• Rent-To-Own Loan

When someone with strong established credit signs a contract along with the borrower who has weaker credit; they are a:

• Organizer

• Witness

• Co-Signer

• Preparer

A credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit cared. As credit is paid off, it becomes available again to use for another purchase or cash advance.

• Open-End Credit

• Closed-End Credit

• Punter's Credit

• Revolving Credit