A loan to finance the purchase of real estate (e.g. a house). A Mortgage is secured on the house, which remains to be the property of the bank until the loan is paid off.
Mortgage
1 of 10
Cards that may be used repeatedly to buy products and services on credit or to borrow money up to a pre arranged amount limit
Credit card
2 of 10
Cards that may be used to buy products and services on credit from the shop that issued the card, up to a re arranged limit. Repayment terms are similar to credit cards.
Store card
3 of 10
A loan given for a personal household (e.g. to buy items such as furniture)
Personal loan
4 of 10
Instalment plan whereby the loan company owns the item, but it becomes yours when the debt if fully paid off.
Hire purchase
5 of 10
Borrowing up to an agreed limit on a current account. Overdrafts must be paid back on demand.
Overdraft
6 of 10
Getting money from a lender that must be repaid in the future (e.g. a mortgage)
Borrowing
7 of 10
Amount of money borrowed
Loan
8 of 10
The length of time over which a loan can be repaid
Term of a loan
9 of 10
The interest rate published on loans to help compare their true costs
Annual percentage rate
10 of 10
Other cards in this set
Card 2
Front
Cards that may be used repeatedly to buy products and services on credit or to borrow money up to a pre arranged amount limit
Back
Credit card
Card 3
Front
Cards that may be used to buy products and services on credit from the shop that issued the card, up to a re arranged limit. Repayment terms are similar to credit cards.
Back
Card 4
Front
A loan given for a personal household (e.g. to buy items such as furniture)
Back
Card 5
Front
Instalment plan whereby the loan company owns the item, but it becomes yours when the debt if fully paid off.
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