8.2 Terms

The annual cost of credit a lender charges for extending credit

• grace period

• cash advance

• title loan

• Annual percentage rate

Is a short term loan at a high interest rate that is granted regardless of the borrower's credit history

• subprime credit card

• easy access credit

• pawnshop

• payday loan

A loan against the available credit on an individuals account

• Grant

• Cash advance

• Credit card

• student loan

Cards offered to people who have a poor credit history

• Open credit line

• subprime credit cards

• credit card

• pay day loan

The time between the billing date and the start of interest charges

• Grace period

• past due

• Credit loan

• Late period

Short-term high interest loan that usually must be repaid on the borrowers next payday

• Cash advance

• Payday loan

Businesses that give customers high- interest loans with personal property such a jewelry held as collateral

• bank

• Loan office

• Pawnshops

• rent to own

Secured short term loan made using borrower's vehicle as collateral

• bank

• loan officer

• title loan

• cash advance

Rent to own agreements are arrangements in which a consumer pays rent for the use of a product and eventually owns it

• True

• False

What is the highest score for credit

• 800

• 850

• 700

• 650