Bankruptcy, Closed-end credit, Collateral, Collection agency, Creditor, Credit report, Credit score, Debt, Debtor, Down payment, Installment loan, Open-end credit, Payday loan, Predatory lending, Secured loan, Title loan, Unsecured loan, Wage garnishment

Collateral

Property that can be sold by the lender if the borrower fails to repay the loan.

Collection agency

A business representing a creditor that can go after the borrower's assets to pay off the debt.

Down payment

A cash payment made to the seller of a good or service.

Wage garnishment

A legal action where a creditor withholds wages to satisfy a debt.

Bankruptcy

A legal status for individuals or entities who are unable to repay their debts.

Unsecured loan

A loan that does not require collateral.

Installment loan

A loan that is repaid in increments over time.

Secured loan

A loan that requires collateral to secure it.

Credit score

A numerical summary of the information on a consumer's credit report.

Credit report

A record of the financial and credit history of a consumer.

Title loan

A short-term loan that uses a car title as collateral.

Payday loan

A short-term unsecured loan that is due to be repaid with the debtor's next paycheck.

Closed-end credit

An agreement that states the repayment terms for a loan.

Creditor

An institution that lends money to borrowers.

Predatory lending

Lenders purposefully deceiving borrowers during the loan process.

Debt

Money that is owed or due.

Open-end credit

Revolving credit with loans made on a continuous basis.

Debtor

The receiver of money that was lent.