Just a pre test for borrowing information. I would like to see what we as a class know and do not know. Please try your best!
Money you borrow and must pay back
Free money that you do not have to pay back
Money you have saved for emergencies
The balance left on a gift card after you have used it to pay for something
Can help you graduate from college
Allows you to carry more cash than usual
Allows you to purchase large items like a car, house, or furniture and pay over time
Might cause your interest rates to be raised
A charge by a financial institution for maintaining or servicing your loan account
Money you borrow but must also repay
Something valuable that you own and can sell for cash
The cost of borrowing money
Consumer installment loans
Credit Cards
Home loans
Home
Car
Furniture
Education (e.g. Student Loan)
Home equity loan
Home equity line of credit
Home refinance loan
Home purchase loan
Fixed rate
Variable rate
Waning interest
Dual rate
Annual percentage rate (APR)
Fees
Truth in Lending Disclosures
All are true
Collateral, capacity, capital, and whether you purchase their credit protection insurance
Capital, character, overdraft protection, and collateral
Capacity, capital, collateral, and character
Character, collateral, capacity, and credit limit
Rent-to-own services
Bank loan
Payday loan
Refund anticipation services
Replaces a mortgage at a lower interest rate
Has the same monthly payment
Is a loan designed for purchasing a house
Can be used to pay for any kind of expense
Check to make sure the loan provider is reputable
Shop around and compare all terms and conditions
Make sure you can afford the loan
All are true statements
Payday loans
Rent-to-own services
Refund anticipation services
Ensures you are no discriminated against (e.g., because of your race, color, or gender)
Requires lenders to notify you if you are denied a loan or credit
Requires creditors to promptly credit payments and correct billing mistakes