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

Debt

Money that is owed or due to another party.

Collection agency

A business that represents a creditor and is authorized to collect debts on their behalf. They may have the power to seize assets to satisfy the debt.

Down payment

A cash payment made by a buyer to the seller of a good or service, typically made as part of a larger purchase.

Closed-end credit

A contract that specifies the terms and conditions for repayment of a loan.

Wage garnishment

A legal process in which a creditor can obtain a court order to withhold a portion of a debtor's wages to satisfy a debt.

Unsecured loan

A loan that does not require collateral. Instead, the lender relies on the borrower's creditworthiness and ability to repay the loan.

Installment loan

A loan that is repaid in fixed increments over a specified period of time.

Secured loan

A loan that requires the borrower to provide collateral, such as property or assets, to secure the loan.

Credit score

A numerical summary of an individual's credit report, used by lenders to assess their creditworthiness.

Credit report

A record of an individual's financial and credit history, including information about their borrowing and repayment habits.

Title loan

A short-term loan that uses the borrower's car title as collateral. If the borrower fails to repay the loan, the lender can take possession of the car.

Payday loan

A short-term, unsecured loan that is typically repaid with the borrower's next paycheck.

Open-end credit

A type of credit that allows borrowers to make continuous loans up to a certain limit, with interest charged on the outstanding balance.

Debtor

An individual or entity that has borrowed money and is obligated to repay it.

Creditor

An institution or individual that lends money to borrowers.

Bankruptcy

Legal status for individuals or businesses who are unable to repay their debts.

Collateral

Property or assets that a borrower pledges to a lender as security for a loan. If the borrower fails to repay the loan, the lender can seize the collateral.

Predatory lending

The practice of lenders using deceptive tactics to exploit borrowers during the loan process, often resulting in unfair or abusive terms.