Loan terminology

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Across
  1. 6. The person or company that gives out the loan.
  2. 7. The person who takes out the loan and must repay it.
  3. 8. The chance that something could go wrong, like not being able to repay a loan.
  4. 10. An asset (like a car or house) that can be taken if the loan isn’t repaid.
  5. 13. An amount of money borrowed that must be repaid with interest.
  6. 14. A loan or deposit that lasts for a set period of time. Term
  7. 16. An interest rate that can go up or down over time.Interest
Down
  1. 1. A card that lets you borrow money up to a set limit to make purchases.
  2. 2. The original amount of money borrowed before interest is added.
  3. 3. The percentage a lender charges for borrowing money.
  4. 4. A special type of loan used to buy a house.
  5. 5. A card that takes money directly from your bank account when you spend.
  6. 8. Replacing an old loan with a new one, usually to get a better deal.
  7. 9. Something valuable used to guarantee a loan will be repaid.
  8. 11. The maximum amount of money you can borrow or spend.
  9. 12. The length of time you have to repay the loan.
  10. 15. An interest rate that stays the same for the whole loan term.Interest