Credit

3. A type of loan in which a fixed amount is borrowed and then paid back over a specified period.
6. Money given to another party in exchange for repayment of the loan principal amount plus interest.
9. The total cost of using credit.
12. Ability to borrow money and agreement to pay it back.
14. Also known as lenders, a person or company to whom money is owed.
15. Interest rate that changes over time.
17. Percentage rate a bank or other lender charges to borrow its money.
18. Assets accepted as security for loans.
19. A person - such as a parent, close family member or friend - who pledges to pay back the loan if you do not.
20. Interest rate that stays the same for the life of the loan.

1. Record of ability to pay off debts,credit card bills, student loans, or a mortgage.
2. loans that are secured by specific forms of collateral, including assets such as property and vehicles.
4. A preapproved loan that a bank or financial institution lends to a borrower.
5. Loan that doesn't require any type of collateral.
7. Amount of time given to pay back a loan.
8. Sum of money lent or invested in which interest is paid.
10. Person who borrows money from others, and the money borrowed is called debt which must be repaid.
11. The transfer of money goods or services in exchange for other goods.
13. The amount of money available in a financial account.
16. 3 digit number, typically between 300 and 850 designed to represent your credit risk.