Unit 4 Consumer credit vocabulary

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Across
  1. 2. - a fee charged if you repay a loan before the agreed-upon time
  2. 3. - an organization or business that loans money to borrowers
  3. 5. - A security pledged for the repayment of a loan.
  4. 8. - a partial payment made at the time of purchase
  5. 12. - an organization or person that lends money.
  6. 14. - Anything of value that is owned
  7. 19. - loan arrangement in which the borrower is allowed to start making payments at some specified time in the future
  8. 21. - A need-based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods.
  9. 22. - An agreement that allows the borrower to make payments before the due date to reduce the amount of interest.
  10. 23. - to grow or accumulate over time
  11. 26. - are offered to students in need of financial assistance. The federal government makes interest payments while the student is in college.
  12. 27. - loans financed by lenders, like banks, credit unions and sometimes the school you attend
Down
  1. 1. - A payment plan that allows customers to make payments at set intervals over a period of time until the total debt is paid
  2. 4. - a person with a strong established credit history who signs the credit application and contract along with the borrower
  3. 6. - the cost of credit on a yearly basis, expressed as a percentage
  4. 7. - A loan for which the borrower is fully responsible for paying the interest regardless of the loan status.
  5. 9. - a number that is used to predict how likely you are to pay back a loan on time.
  6. 10. - A person or organization who makes funds available for others to borrow
  7. 11. - An arrangement to receive cash, goods, or services now and pay for them in the future.
  8. 13. - A person who owes money
  9. 15. - Free Application for Federal Student Aid
  10. 16. - A person to whom money is owed
  11. 17. - A person who purchases goods and services for personal use
  12. 18. - A person who owes money
  13. 20. - failure to pay back a loan
  14. 24. - to postpone
  15. 25. - a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.