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Types and sources of Credit: Single Payment/ Installment/ Re
Transcript of Types and sources of Credit: Single Payment/ Installment/ Re
It’s also a popular method of financing other high-end appliances and electronics, such as refrigerators, washing machines or computers. The lender will ordinarily retain the title to the property (if one exists) until the loan is paid completely.
3 main types
Single-payment loans (or term loans) require the repayment on a specified date of the entire amount that was borrowed.
Revolving credit is an open-ended form of borrowing. You get a credit limit (the maximum you can borrow) and then use the credit and pay it back over time. As you use it, the amount of money available to you decreases. As you repay it, it goes back up.
More about Revolving Credit
Revolving credit allows the borrower to draw out additional funds as they’re needed, so long as the total outstanding loan balance doesn’t exceed a predetermined limit, known as the credit limit or line of credit.
Installment credit, also called closed-end credit, includes loans that require the borrower to repay the principal mount in equal periodic payments, usually monthly. A loan to purchase an automobile is one example of installment credit
Created By: MAdison Mitchell, Iyanna Clark, Bekah Bratcher