Credit

2. Interest rate that stays the same for the life of the loan
4. A preapproved loan that a bank or financial institution lends to a borrower
8. Asset accepted as security for a loan
9. Ability to borrow money and agreement to pay it back
12. Interest rate that changes over time
14. A type of loan in which a fixed amount is borrowed and then paid back over a specified period
15. A person who pledges to pay back the loan if you do not
17. A three-digit number, typically between 300 and 850, designed to represent your credit risk
19. A loan that doesn't require any type of collateral

1. Loans that are secured by a specific form of collateral, including assets such as property and vehicles
3. Also known as lenders, a person or company to whom money is owed
5. A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit
6. Money given to another party in exchange for repayment of the loan principal amount plus interest
7. Detailed financial account of an individual for the last seven years
10. A person who borrows money from others and the money borrowed is called debt, which must be repaid
11. Amount of time to pay back a loan
13. Percentage rate a bank or other lender charges to borrow its money
16. Sum of money lent or invested on which interest is paid
18. Equifax, Transunion, Experian
20. A record of your ability to pay back your debts, whether it be credit bills. student loans, or a mortgage