Credit
Any arrangement where you get "stuff" (money, goods, services), and
agree to pay for it in the future
Loan
An agreement where you are credited with a fixed amount (usually of
money) for a fixed period of time, usually with interest
Interest Rate
The percentage charged for the pri...
✓ Something valuable that the lender can take as payment if you can't
pay back your loan (like a house or car)
Co-signer
✓ Someone who legally agrees to take responsibility for a person's debt if
they cannot repay it
Installment loan
✓ Loan used to finance a specific purchase for a specific amount of
time; regular payments pay the interest and portion of the principal
Revolving credit
✓ Open line of credit that can be used for any purchases as long as
you're under the limit; payments vary monthly based on size of the debt
Secured debt
✓ Debt tied to a specific tangible asset that can be used as collateral
and reposed if payments are no tmade
Unsecured debt
Master01 | October, 2024/2025 | Latest update
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