PFL OK Standard 7 Review

Front

Pawnbrokers ......

Back

is a legal business that makes high-interest loans based on the value of personal possessions pledged as collateral

Front

Principal

Back

is the original amount you agreed to pay back

Front

Collateral

Back

an asset that a borrower uses to secure a loan.

Front

Secured Credit is

Back

a type of loan backed by collateral, like borring money to buy a car

Front

Department store credit cards and typical credit cards can be used everywhere.

Back

True

Front

My credit score will impact my insurance premiums as well as my loan and credit application.

Back

True

Front

What is meant by Service Credit? Options:

• Have service performed now and pay for it now.

,

• Have service performed now and pay for it later, like a car repair bill.

, Borrowed Money against your car

Back

Have service performed now and pay for it later, like a car repair bill.

Front

Installment agreement

Back

contract signed where you agree to make payments for a specified period of time.

Front

Pick the false statement about credit:

• You can overspend when using credit cards.

,

• Creditor or lender is the person who loan money or extends credit.

, Credit unions charge higher rates than banks or finance companies

Back

Credit unions charge higher rates than banks or finance companies

Front

Revolving credit agreements

Back

Have option of paying in full or making stated minimum payments.