Bank loans

What is the MOST important quality to have when applying for a loan

"A" type credit

Loan officer

A bank official who will oversee the approval or denial of a loan

Loan application

A form making the request for a stated amount of money filled out prior to meeting with a loan officer

Credit history

A year long record of how well a person pays her bills and shows her financial responsibility

Pre-qualification interview

An initial meeting to determine the ability of repayment of a loan checking the credit history and financial stability of the loan applicant

Asset

Any property such as land or stock that may cover a persons liabilities

Educational loan

Borrowing money from the bank for college tuition or other higher education expenses

Servicing fee

Charges such as loan fees and the interest the customer pays on the loan

Any property such as land or stock that may cover a persons liabilities is called his income

False

Which statement is NOT true

Local banks offer automobile loans for the government

What is it called when one stretches their credit beyond the financial guidelines

Overextending

A car loan is considered a (n) blank

Secured

A(n) blank loan means your paying back the loan is guaranteed by an asset like a piece of real estate

Secured

The bank makes a profit by collecting loan fees and the interest customer pays on the loan these are called blank fees

Servicing

Collateral

Something given to guarantee repayment of a loan

Overextending

Stretching ones credit beyond the financial guidelines

A- type credit

Strong credit history that gives the bank good reason to approve the loan

Processing a loan

The job of putting loan applications into official consideration

Credit cards are considered blank debt

Unsecured