Business basics

3. period a timeframe within which you may pay your current balance in full and incur no interest charges
5. end credit where a borrower can use credit up to a stated limit.
7. a person who borrows the money from others
10. value of property you possess after deducting debts
13. percentage rate the cost of credit expressed as a yearly percentage.
15. sharks unlicensed lenders who charge illegally high interest rates
16. pay a monthly fee to the credit bureau for access to this information
18. billing a service availiable to charge customers whereby purchases are not billed to the customer until much later than the standard billing time.
20. a legal business that makes high interest loans based on the value of personal possessions pledged as collateral.
22. the responsible attitude toward honoring obligations often based on evidence in the persons credit history
23. a person or business that loans money to others

1. law a state law that sets a maximum interest rate that may be charged for consumer loans
2. of credit- a pre established amount that can be borrowed on demand with no collateral.
4. end credit a loan for a specific amount that must be repaid in full including all finance charges
6. someone who promises to pay if the borrower fails to pay
8. charge- total dollar amount of all interest and fees you pay for the use of credit.
9. credit involves providing a service for which you will pay later
11. rating a customer pays bills before due date
12. treating people differently based on prejudice rather than individual merit
14. worthiness the determination if you are low risk or high risk for repayment
17. rating customer pays bills on the due date or within a ten day grace period.
19. the financial ability to repay a loan with present income
21. system when the credit bureau assigns points based on factors such as amount of current debt, number of late payments, etc.