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Types and sources of Credit: Single Payment/ Installment/ Re

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by

Iyanna Mitchell

on 22 April 2015

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Transcript of Types and sources of Credit: Single Payment/ Installment/ Re

Types and sources of Credit: Single Payment/ Installment/ Revolving
Installment Cont.
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.


Works Cited
https://www.onemainfinancial.com/USCFA/CFA/financial-education/CustCopy.do?content_id=fea_und_types_credit

http://www.finweb.com/banking-credit/types-and-sources-of-consumer-credit.html#axzz3Y44InVFp


Types
3 main types
Single Payment
Installment
Revolving
Single payment
Single-payment loans (or term loans) require the repayment on a specified date of the entire amount that was borrowed.

Revolving Credit
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
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
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