Types of Loans Review

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Across
  1. 4. A loan that is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral.
  2. 6. A loan to finance the purchase of real estate, usually with specified payment periods and interest rates.
  3. 11. A loan in which the interest rate does not change during the entire term of the loan.
  4. 13. A loan having an interest rate which is usually initially lower than that of a loan with a fixed rate but is adjusted periodically according to the cost of funds to the lender.
  5. 14. A loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender.
  6. 15. An arrangement in which a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the money, usually along with interest, at some future point(s) in time.
  7. 16. When a debtor is unable to meet the legal obligation of debt repayment.
  8. 17. The practice of lending money and charging the borrower interest, especially at an exorbitant or illegally high rate.
Down
  1. 1. The legal right of a creditor to sell the collateral property of a debtor who fails to meet the obligations of a loan contract.
  2. 2. A personal loan to purchase an automobile.
  3. 3. Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to the benefit of the lender.
  4. 5. A person or entity that charges borrowers interest above an established legal rate.
  5. 7. An arrangement between a financial institution, usually a bank, and a customer that establishes a maximum loan balance that the bank will permit the borrower to maintain.
  6. 8. Loan made available to a borrower directly from the issuing bank.
  7. 9. A loan in which payment of principal is deferred and interest payments are the only current obligation.
  8. 10. A car loan offered to a customer at a dealership which is then purchased by the third party at a discount.
  9. 12. Loans that are small-dollar, short-term, unsecured loans that borrowers promise to repay out of their next paycheck or regular income payment.