Types of Credit

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Across
  1. 3. a contract by which one party gives property to another for a specified time, usually in return for a periodic payment
  2. 7. paying off debt over time in equal installments
  3. 8. the time between the beginning and ending date of a loan
  4. 9. long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
  5. 11. the amount of time you have to repay your entire loan
  6. 12. an agreement in which a borrower receives something of value now and agrees to repay the lender in the future
  7. 13. original amount of money borrowed, separate from interest or fees
  8. 14. someone who legally agrees to take responsibility for a person's debt if they cannot repay it
  9. 16. take something from someone for temporary use with the intention of returning it
  10. 17. a yearly fee that may be charged for having a specific credit card
  11. 18. a loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front
Down
  1. 1. how risky a creditor believes it is to extend credit to a consumer
  2. 2. to allow someone to use something on a temporary basis with the understanding that it will be returned and thpe lender will mostlikey be copeenstated in some way
  3. 4. an agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest
  4. 5. something valuable that the lender can take as payment if you can't repay your loan
  5. 6. the number of days between a borrower's statement date and when payment is due without accruing interest
  6. 10. in the context of borrowing an amount of money a financial institution charges for a loan
  7. 15. in the context of borrowing, the amount of money left to be repaid on a loan