This document provides an overview of credit basics including the different types of credit, how credit is evaluated, and best practices for credit management. It begins by outlining the objectives and main menu. It then defines credit and discusses the various sources of credit including banks, merchant banks, peer-to-peer lending, payday loans, and title loans. The document also examines revolving credit, installment credit, collateralized credit, and unsecured credit. It provides tips on obtaining and reading a credit report along with laws protecting consumer credit rights.
This document discusses various types of consumer loans. It defines consumer loans as loans given to individuals for personal or household purposes. Consumer loans can be secured by collateral like a home or car, or they can be unsecured. The document then describes different types of secured and unsecured consumer loans such as home loans, vehicle loans, credit cards, and others. It also discusses key terms related to consumer loans like interest rates, loan amounts, repayment periods and more.
This document provides an overview of consumer credit, including its advantages and disadvantages. It discusses different types of consumer credit such as closed-end credit (loans for specific purposes paid back over time, like mortgages) and open-end credit (revolving credit like credit cards). Sources of consumer credit are also examined, including various types of loans and credit cards. The document provides tips for determining if you can afford a loan by considering your income, expenses, and credit history factors that lenders review.
This document provides an overview of Islamic financial planning concepts related to personal credit management. It discusses the concept of credit in Islam, including that Islam does not prohibit borrowing as long as there is a written agreement and honesty in repayment. The responsibilities of borrowers and lenders are outlined. Types of personal credit are explained, including consumer loans, revolving credit, credit cards, charge cards, and debit cards. The document also discusses measuring credit capacity, applying for credit, advantages and disadvantages of credit, refinancing, and the Islamic pawn broking concept of al-Rahn.
This document discusses credit and credit management. It begins by defining credit as a trust that allows one party to provide resources to another who will repay later. It then outlines the importance of credit in facilitating business financing and economic growth. The document also defines various types of credit like cash credit, overdrafts, demand loans and term loans. It describes credit instruments like checks, drafts, promissory notes and bonds. The advantages of credit are noted as increasing consumption, savings and capital formation. Potential disadvantages include encouraging wasteful spending and economic instability.
Different loans subscribed by the consumers.MaryMgly
Credit cards allow users to make purchases without paying upfront by borrowing credit from financial institutions. While credit cards provide convenience, this comes at the cost of interest if balances aren't paid off in full each month. Loans are amounts of money borrowed that are expected to be paid back with interest over time. There are various types of loans like secured loans that use collateral and have lower rates, and unsecured loans that rely on credit history. The 4 C's model evaluates a borrower's character, capacity to repay, capital assets, and collateral pledged to determine loan eligibility.
Loans, Marketing, Strategy And Many More Rahul Tiwari
The document discusses various types of loans including secured loans, unsecured loans, open-ended loans, closed-ended loans, and specific loan types like personal loans, home loans, vehicle loans, student loans, business loans, and payday loans. It explains key loan concepts like the 4 C's of credit (character, capital, capacity, collateral) that lenders examine when determining eligibility. Secured loans rely on an asset as collateral while unsecured loans do not, and interest rates are typically higher for unsecured loans due to greater risk.
The document discusses various types of loans including secured loans, unsecured loans, open-ended loans, closed-ended loans, and more specific loans like personal loans, home loans, vehicle loans, student loans, business loans, and payday loans. It explains the key characteristics of each type of loan such as whether they require collateral, have fixed repayment terms, or can be repeatedly borrowed against. The 4 C's of lending are also summarized as the main criteria lenders evaluate which are the borrower's character, capacity to repay, capital or collateral, and the conditions of the loan.
This document discusses banking and banking concepts such as cheques. It begins by defining banking and explaining the relationship between bankers and customers. It then discusses the primary functions of banks in accepting deposits and lending loans. The document also covers cheque related concepts like crossing, dishonour and types of dishonour. It distinguishes between bills of exchange and cheques. In summary, the document provides an overview of key banking and cheque concepts.
This document discusses various types of consumer loans. It defines consumer loans as loans given to individuals for personal or household purposes. Consumer loans can be secured by collateral like a home or car, or they can be unsecured. The document then describes different types of secured and unsecured consumer loans such as home loans, vehicle loans, credit cards, and others. It also discusses key terms related to consumer loans like interest rates, loan amounts, repayment periods and more.
This document provides an overview of consumer credit, including its advantages and disadvantages. It discusses different types of consumer credit such as closed-end credit (loans for specific purposes paid back over time, like mortgages) and open-end credit (revolving credit like credit cards). Sources of consumer credit are also examined, including various types of loans and credit cards. The document provides tips for determining if you can afford a loan by considering your income, expenses, and credit history factors that lenders review.
This document provides an overview of Islamic financial planning concepts related to personal credit management. It discusses the concept of credit in Islam, including that Islam does not prohibit borrowing as long as there is a written agreement and honesty in repayment. The responsibilities of borrowers and lenders are outlined. Types of personal credit are explained, including consumer loans, revolving credit, credit cards, charge cards, and debit cards. The document also discusses measuring credit capacity, applying for credit, advantages and disadvantages of credit, refinancing, and the Islamic pawn broking concept of al-Rahn.
This document discusses credit and credit management. It begins by defining credit as a trust that allows one party to provide resources to another who will repay later. It then outlines the importance of credit in facilitating business financing and economic growth. The document also defines various types of credit like cash credit, overdrafts, demand loans and term loans. It describes credit instruments like checks, drafts, promissory notes and bonds. The advantages of credit are noted as increasing consumption, savings and capital formation. Potential disadvantages include encouraging wasteful spending and economic instability.
Different loans subscribed by the consumers.MaryMgly
Credit cards allow users to make purchases without paying upfront by borrowing credit from financial institutions. While credit cards provide convenience, this comes at the cost of interest if balances aren't paid off in full each month. Loans are amounts of money borrowed that are expected to be paid back with interest over time. There are various types of loans like secured loans that use collateral and have lower rates, and unsecured loans that rely on credit history. The 4 C's model evaluates a borrower's character, capacity to repay, capital assets, and collateral pledged to determine loan eligibility.
Loans, Marketing, Strategy And Many More Rahul Tiwari
The document discusses various types of loans including secured loans, unsecured loans, open-ended loans, closed-ended loans, and specific loan types like personal loans, home loans, vehicle loans, student loans, business loans, and payday loans. It explains key loan concepts like the 4 C's of credit (character, capital, capacity, collateral) that lenders examine when determining eligibility. Secured loans rely on an asset as collateral while unsecured loans do not, and interest rates are typically higher for unsecured loans due to greater risk.
The document discusses various types of loans including secured loans, unsecured loans, open-ended loans, closed-ended loans, and more specific loans like personal loans, home loans, vehicle loans, student loans, business loans, and payday loans. It explains the key characteristics of each type of loan such as whether they require collateral, have fixed repayment terms, or can be repeatedly borrowed against. The 4 C's of lending are also summarized as the main criteria lenders evaluate which are the borrower's character, capacity to repay, capital or collateral, and the conditions of the loan.
This document discusses banking and banking concepts such as cheques. It begins by defining banking and explaining the relationship between bankers and customers. It then discusses the primary functions of banks in accepting deposits and lending loans. The document also covers cheque related concepts like crossing, dishonour and types of dishonour. It distinguishes between bills of exchange and cheques. In summary, the document provides an overview of key banking and cheque concepts.
This document discusses banking and banking concepts such as cheques. It begins by defining banking and explaining the relationship between bankers and customers. It then discusses the key functions of banks including accepting deposits and lending loans. The document also covers types of accounts, loans, and other banking services. It defines what a cheque is and explores concepts like crossing, dishonouring, and different types of dishonour of cheques. The rights and duties of both customers and bankers are also summarized.
The document discusses different types of loans including secured loans, unsecured loans, open-ended loans, closed-ended loans, personal loans, home loans, vehicle loans, education loans, and more. It explains the key characteristics of each loan type such as whether collateral is required, repayment terms, typical uses, and interest rates. The 4 C's of credit for loans are also summarized as character, capacity, capital, and collateral, which are the main factors lenders consider when approving a loan.
This document provides an overview of personal credit and credit scores. It defines credit as borrowing money that must be repaid over time, with interest. The benefits of credit include purchasing power and establishing a credit history, while risks include debt, fees, and damage to one's credit if not repaid. The "four C's" that lenders evaluate are credit history, collateral, capacity to repay, and current conditions. It also discusses credit reports, credit scores, responsible credit management, and why maintaining good credit is important.
This document provides an overview and definitions of various types of loans. It discusses secured and unsecured loans, open-ended and closed-ended loans, and specific loan types like term loans, personal loans, home loans, vehicle loans, student loans, and business loans. Key aspects like collateral, interest rates, repayment terms, and the 4 C's of credit (character, capital, collateral, and capacity) that lenders consider are explained.
Credit scores influence the credit that’s available and the terms i.e. interest rate, etc. that lenders may offer. It’s a vital part of credit health, and when a consumer applies for credit - whether for a credit card, an auto loan, or a mortgage, lenders want to know what risk they'd take by loaning money. When lenders order a credit report, they are seeking information, and a credit score helps lenders evaluate a credit report because it’s simply a number that summarizes credit risk.
The document discusses key concepts related to banking. It defines a banker as someone who accepts deposits that can be withdrawn by cheque and uses those deposits to make loans and investments. It also defines a customer as anyone who maintains a bank account. The relationship between banker and customer is described as debtor-creditor, principal-agent, and other specialized relationships like bailee-bailor and mortgagor-mortgagee. The document also outlines key obligations of bankers like honoring checks, maintaining confidentiality, and handling accounts of deceased customers.
Personal Finance: All About Credit Reports and Credit Scores by @PhroogalJason Vitug
All about credit reports and credit scores. How to establish, maintain and repair credit reports and credit scores. Learn the ins and outs of credit reports with tips and tools to maintain a healthy credit report and increase credit scores.
This document discusses types of credit and the process for earning credit. It describes credit as receiving goods, services, or money in exchange for a future promise to pay with interest. When applying for credit, lenders evaluate a borrower's character, capital, capacity, collateral, and the current economic conditions to determine their ability and willingness to repay. The main types of credit described are installment loans like car loans, student loans, credit cards, and mortgages for home purchases. Each has distinct features around repayment amounts, timelines, interest rates and fees.
Small Business Finance- Monica Kenney- IGNITE Conference Frost BankRandall Chase
Monica Kenney has over seventeen years of experience in the financial services industry. Currently, she
serves a Vice President and Commercial Banker at Frost Bank for the southern sector of Dallas. Her
responsibilities include investment activities, regional market growth support, community engagement
and portfolio management. She has held insurance and securities licenses.
Monica Kenney is an active member of her community and participates in the local Chambers of
Commerce, the Rotary, and the Lions Club. She also serves on the committees for several civic
organizations. Monica is a graduate of Leadership Southwest.
Monica Kenney is pursuing a Bachelor of Business Administration in Management degree.
Small Business Finance- What is needed from loan preparation, small business challenges, types of business loans, short term and long term financing and more.
The document provides information on credit basics, debt-to-income ratios, the 5 Cs of credit, establishing credit, improving credit, managing debt, and getting ready to apply for credit. It discusses key credit concepts such as credit reports, credit scores, debt-to-income ratios, and the components that make up good credit. It offers tips for establishing credit as a beginner, improving an existing credit profile, managing debt through options like consolidation, and steps to take before applying for new credit.
Customer and Banker Relationship overview.pptak8820
The document discusses the relationship between bankers and customers. It defines bankers as dealers in capital who borrow from depositors and lend to borrowers. Customers are those who maintain bank accounts. The relationship involves general debtor-creditor ties where the bank owes customers the security of deposits. It also covers special agency relationships where the bank acts on customers' behalf. Overall, the document outlines the rights and duties of both bankers and customers in their relationship.
10- Tax-Exempt Products Overview: Just the Facts- Benny WongMassDevelopment
An overview of the tax-exempt financing products offered by MassDevelopment, presented by Benny Wong, MassDevelopment. Part of Current Topics in Tax-Exempt Finance 10/29/2010
The document summarizes key topics from a presentation on regulatory compliance given by PolicyWorks LLC. It discusses the impact of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) and its director Richard Cordray, CFPB priorities including complaints, student loans, credit cards, mortgages, and overdraft fees. It also covers the CFPB's work on ability-to-repay rules, mortgage disclosures, and fair lending laws.
Credit facilities and support services Nishant Pahad
A credit facility is a formal financial assistance program offered by lending institutions to companies that need operating capital. It can include short-term revolving credit like lines of credit or longer-term credit like term loans. Facilities provide various types of funding options like overdraft services, deferred payment plans, revolving credit, and letters of credit. Essentially, a credit facility is another name for a loan taken out by a company to finance business operations.
The document discusses various types of loans and lending principles. It describes secured and unsecured loans, open-ended and close-ended loans, and various forms of advances like cash credits, overdrafts, and bills discounted. The lending process involves filling a loan application, submitting documents, sanctioning the loan, executing an agreement, and arranging security. Basic lending principles for banks are safety, liquidity, profitability, and risk diversification.
The document discusses various types of loans and lending principles. It describes secured and unsecured loans, open-ended and close-ended loans, and various forms of advances like cash credits, overdrafts, and bills discounted. The lending process involves filling a loan application, submitting documents, sanctioning the loan, executing an agreement, and arranging security. Basic lending principles for banks are safety, liquidity, profitability, and risk diversification.
A banker is defined as a body corporate that accepts deposits from the public, lends money, invests deposited funds, and allows withdrawals. A customer is an individual or organization that conducts banking transactions. There are four types of customers: existing account holders, former account holders, non-account visitors, and prospective account holders. The core relationship between a banker and customer is that of debtor and creditor when a deposit is made, and creditor and debtor when a loan is given. Additional relationships include bailee and bailor regarding secured assets, and agent and principal regarding services performed on a customer's behalf.
This document outlines key concepts regarding bank-depositor relationships and the check collection process. It discusses the duties of both banks and depositors, including a bank's duty to honor checks and protect funds. The document also describes the check collection process, defining terms like depositary bank, payor bank, and intermediary bank. It explains laws governing checks, like the Check 21 Act, which allows for electronic check processing and substitute checks. The Electronic Funds Transfer Act and consumer protections for electronic banking are also summarized.
The document discusses various strategies for dealing with debt, including increasing income, decreasing expenses, contacting creditors, credit counseling, debt consolidation, bankruptcy, and credit card fees and traps. It provides tips on using the PowerPay method to accelerate debt repayment by reallocating payments as debts are paid off. It warns that credit card minimum payments can result in high interest costs over time and paying more than the minimum each month reduces costs.
What Kind of Loan? (Series: Business Borrowing Basics)Financial Poise
In a broad sense, most loans can be divided into two basic types: an asset-based loan (ABL) and a cash flow loan.
An ABL is made by a lender who underwrites the loan primarily by valuing the company’s assets, such as accounts receivable (A/R) and inventory. An ABL lender underwrites a loan based on the ability to liquidate its collateral should it need to. A “cash flow” lender, in contrast, while also secured against the borrower’s assets, underwrites the loan primarily based on the cash flow and general credit-worthiness of the borrower.
The distinction between these types of loans is only the beginning of understanding the many types of loans available to a business, because within each of the two types there are many subtypes.
This webinar takes the audience through a guided tour of the various borrowing options available to businesses, from both a business and legal perspective, to paint the overall landscape of the different types of lenders that exist and to provide a framework for understanding what type of lender and loan may make sense for any particular borrower.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/what-kind-of-loan-2021/
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
This document discusses banking and banking concepts such as cheques. It begins by defining banking and explaining the relationship between bankers and customers. It then discusses the key functions of banks including accepting deposits and lending loans. The document also covers types of accounts, loans, and other banking services. It defines what a cheque is and explores concepts like crossing, dishonouring, and different types of dishonour of cheques. The rights and duties of both customers and bankers are also summarized.
The document discusses different types of loans including secured loans, unsecured loans, open-ended loans, closed-ended loans, personal loans, home loans, vehicle loans, education loans, and more. It explains the key characteristics of each loan type such as whether collateral is required, repayment terms, typical uses, and interest rates. The 4 C's of credit for loans are also summarized as character, capacity, capital, and collateral, which are the main factors lenders consider when approving a loan.
This document provides an overview of personal credit and credit scores. It defines credit as borrowing money that must be repaid over time, with interest. The benefits of credit include purchasing power and establishing a credit history, while risks include debt, fees, and damage to one's credit if not repaid. The "four C's" that lenders evaluate are credit history, collateral, capacity to repay, and current conditions. It also discusses credit reports, credit scores, responsible credit management, and why maintaining good credit is important.
This document provides an overview and definitions of various types of loans. It discusses secured and unsecured loans, open-ended and closed-ended loans, and specific loan types like term loans, personal loans, home loans, vehicle loans, student loans, and business loans. Key aspects like collateral, interest rates, repayment terms, and the 4 C's of credit (character, capital, collateral, and capacity) that lenders consider are explained.
Credit scores influence the credit that’s available and the terms i.e. interest rate, etc. that lenders may offer. It’s a vital part of credit health, and when a consumer applies for credit - whether for a credit card, an auto loan, or a mortgage, lenders want to know what risk they'd take by loaning money. When lenders order a credit report, they are seeking information, and a credit score helps lenders evaluate a credit report because it’s simply a number that summarizes credit risk.
The document discusses key concepts related to banking. It defines a banker as someone who accepts deposits that can be withdrawn by cheque and uses those deposits to make loans and investments. It also defines a customer as anyone who maintains a bank account. The relationship between banker and customer is described as debtor-creditor, principal-agent, and other specialized relationships like bailee-bailor and mortgagor-mortgagee. The document also outlines key obligations of bankers like honoring checks, maintaining confidentiality, and handling accounts of deceased customers.
Personal Finance: All About Credit Reports and Credit Scores by @PhroogalJason Vitug
All about credit reports and credit scores. How to establish, maintain and repair credit reports and credit scores. Learn the ins and outs of credit reports with tips and tools to maintain a healthy credit report and increase credit scores.
This document discusses types of credit and the process for earning credit. It describes credit as receiving goods, services, or money in exchange for a future promise to pay with interest. When applying for credit, lenders evaluate a borrower's character, capital, capacity, collateral, and the current economic conditions to determine their ability and willingness to repay. The main types of credit described are installment loans like car loans, student loans, credit cards, and mortgages for home purchases. Each has distinct features around repayment amounts, timelines, interest rates and fees.
Small Business Finance- Monica Kenney- IGNITE Conference Frost BankRandall Chase
Monica Kenney has over seventeen years of experience in the financial services industry. Currently, she
serves a Vice President and Commercial Banker at Frost Bank for the southern sector of Dallas. Her
responsibilities include investment activities, regional market growth support, community engagement
and portfolio management. She has held insurance and securities licenses.
Monica Kenney is an active member of her community and participates in the local Chambers of
Commerce, the Rotary, and the Lions Club. She also serves on the committees for several civic
organizations. Monica is a graduate of Leadership Southwest.
Monica Kenney is pursuing a Bachelor of Business Administration in Management degree.
Small Business Finance- What is needed from loan preparation, small business challenges, types of business loans, short term and long term financing and more.
The document provides information on credit basics, debt-to-income ratios, the 5 Cs of credit, establishing credit, improving credit, managing debt, and getting ready to apply for credit. It discusses key credit concepts such as credit reports, credit scores, debt-to-income ratios, and the components that make up good credit. It offers tips for establishing credit as a beginner, improving an existing credit profile, managing debt through options like consolidation, and steps to take before applying for new credit.
Customer and Banker Relationship overview.pptak8820
The document discusses the relationship between bankers and customers. It defines bankers as dealers in capital who borrow from depositors and lend to borrowers. Customers are those who maintain bank accounts. The relationship involves general debtor-creditor ties where the bank owes customers the security of deposits. It also covers special agency relationships where the bank acts on customers' behalf. Overall, the document outlines the rights and duties of both bankers and customers in their relationship.
10- Tax-Exempt Products Overview: Just the Facts- Benny WongMassDevelopment
An overview of the tax-exempt financing products offered by MassDevelopment, presented by Benny Wong, MassDevelopment. Part of Current Topics in Tax-Exempt Finance 10/29/2010
The document summarizes key topics from a presentation on regulatory compliance given by PolicyWorks LLC. It discusses the impact of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) and its director Richard Cordray, CFPB priorities including complaints, student loans, credit cards, mortgages, and overdraft fees. It also covers the CFPB's work on ability-to-repay rules, mortgage disclosures, and fair lending laws.
Credit facilities and support services Nishant Pahad
A credit facility is a formal financial assistance program offered by lending institutions to companies that need operating capital. It can include short-term revolving credit like lines of credit or longer-term credit like term loans. Facilities provide various types of funding options like overdraft services, deferred payment plans, revolving credit, and letters of credit. Essentially, a credit facility is another name for a loan taken out by a company to finance business operations.
The document discusses various types of loans and lending principles. It describes secured and unsecured loans, open-ended and close-ended loans, and various forms of advances like cash credits, overdrafts, and bills discounted. The lending process involves filling a loan application, submitting documents, sanctioning the loan, executing an agreement, and arranging security. Basic lending principles for banks are safety, liquidity, profitability, and risk diversification.
The document discusses various types of loans and lending principles. It describes secured and unsecured loans, open-ended and close-ended loans, and various forms of advances like cash credits, overdrafts, and bills discounted. The lending process involves filling a loan application, submitting documents, sanctioning the loan, executing an agreement, and arranging security. Basic lending principles for banks are safety, liquidity, profitability, and risk diversification.
A banker is defined as a body corporate that accepts deposits from the public, lends money, invests deposited funds, and allows withdrawals. A customer is an individual or organization that conducts banking transactions. There are four types of customers: existing account holders, former account holders, non-account visitors, and prospective account holders. The core relationship between a banker and customer is that of debtor and creditor when a deposit is made, and creditor and debtor when a loan is given. Additional relationships include bailee and bailor regarding secured assets, and agent and principal regarding services performed on a customer's behalf.
This document outlines key concepts regarding bank-depositor relationships and the check collection process. It discusses the duties of both banks and depositors, including a bank's duty to honor checks and protect funds. The document also describes the check collection process, defining terms like depositary bank, payor bank, and intermediary bank. It explains laws governing checks, like the Check 21 Act, which allows for electronic check processing and substitute checks. The Electronic Funds Transfer Act and consumer protections for electronic banking are also summarized.
The document discusses various strategies for dealing with debt, including increasing income, decreasing expenses, contacting creditors, credit counseling, debt consolidation, bankruptcy, and credit card fees and traps. It provides tips on using the PowerPay method to accelerate debt repayment by reallocating payments as debts are paid off. It warns that credit card minimum payments can result in high interest costs over time and paying more than the minimum each month reduces costs.
What Kind of Loan? (Series: Business Borrowing Basics)Financial Poise
In a broad sense, most loans can be divided into two basic types: an asset-based loan (ABL) and a cash flow loan.
An ABL is made by a lender who underwrites the loan primarily by valuing the company’s assets, such as accounts receivable (A/R) and inventory. An ABL lender underwrites a loan based on the ability to liquidate its collateral should it need to. A “cash flow” lender, in contrast, while also secured against the borrower’s assets, underwrites the loan primarily based on the cash flow and general credit-worthiness of the borrower.
The distinction between these types of loans is only the beginning of understanding the many types of loans available to a business, because within each of the two types there are many subtypes.
This webinar takes the audience through a guided tour of the various borrowing options available to businesses, from both a business and legal perspective, to paint the overall landscape of the different types of lenders that exist and to provide a framework for understanding what type of lender and loan may make sense for any particular borrower.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/what-kind-of-loan-2021/
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
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Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
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Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
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BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
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“After being the most listed dog breed in the United States for 31
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United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
Borrowing Basics.pptx
1.
2. 2
Objectives
• To analyze and evaluate sources and types
of credit.
• To understand the importance of a credit
score and read a credit report.
• To examine the components of the cost of
borrowing.
• To differentiate between debit and credit
cards.
• To evaluate the basic borrowing process.
3. 3
Main Menu
• Credit Basics
• Borrowing Money
– Expert Tips & Advice Video
Segment
4.
5. 5
Credit
• Is the issue of money, goods or services to
an individual or entity with the expectation of
future payments
• Allows consumers to take possession of the
items with a promise to repay over a specific
period of time
• Plays a role in establishing good or bad
financial records
– good credit makes it easier to borrow money
while bad credit makes it harder
6. 6
Sources of Credit
• Include the following:
– banks
– merchant banks
– peer-to-peer lending
– payday loans
– title loans
7. 7
Banks
• Are trusted institutions where money is kept
secure
• Are the primary and largest sources for
borrowing and lending money
• Make money by lending money at higher
rate than the
lending amount
8. 8
Merchant Banks
• Provide international banking
– large corporations typically use this type of
banking when dealing with finances overseas
• Are equipped to deal with international
trading
• Aid multinational corporations with their
financial transactions amongst different
countries
– multinational corporations include Walmart® and
Coca-Cola®
9. 9
Peer-to-Peer Lending
• Is the process of borrowing money from an
individual or investor without a bank’s
consent
– also known as social lending or crowd lending
• Is used if an individual does not have a good
credit score or wants to avoid paying high
interest rates
• Is not considered legal in every state
– for example, peer-to-peer lending is illegal in
Ohio
10. 10
Payday Loans
• Are usually short-term, high cost loans
typically for $500 or less and due on the
next payday or when income is received
• Are the most expensive type of loan due to
the high interest rates which are included
along with the money borrowed
• Can be referred to as a cash advance or
check advance loans
11. 11
Title Loans
• Require the borrower to offer collateral as
securement provided to the lender
– in case lender does not receive the money back
• if the money is not repaid, lender has the ability
to sell the asset for the loan
• Should be the last resort for a loan, an asset
can be taken away if the loan is not repaid
Collateral: valuable asset the borrower offers to lender for
securement of the loan provided
12. 12
Types of Credit
• Include the following:
– revolving credit
– installment credit
– collateralized credit
– unsecured credit
13. 13
Revolving Credit
• Involves a maximum amount being loaned
to the borrower by the creditor
– creditor has approved a set amount (credit limit)
and borrowers can access the credit whenever
they want and as often as they want
– in return, the borrower must pay the creditor, at
least, a minimum amount on the account’s
outstanding balance each month
• Examples include:
– credit cards
– home equity lines of credit
14. 14
Installment Credit
• Allows the borrower to be loaned a certain
amount of money for a set period of time
• Requires the borrower to repay the money
by making a series of fixed or installment
payments
• Examples include:
– mortgages
– auto loans
– student loans
– personal loans
15. 15
Collateralized Credit
• Is a loan guaranteed to be paid back by
putting a lien on an asset of the borrower
• Is issued when the borrower promises an
asset of equal or higher value for the loan
– for example, an individual’s vehicle or house
• Common examples include:
– car loans
– mortgages
– home equity loans
Lien: right to keep possession of property of another until a
debt owed by the person is discharged
16. 16
Unsecured Credit
• Is issued and supported by a borrower’s
reliability, rather than value of an asset
– can be obtained without the use of property or
vehicle as a securement for the loan
• Generally requires borrowers to have a high
credit ratings to be approved
– for example, if an individual has a high credit
score and wants to borrow $100,000 from a
lender, the individual does not have to provide
the lender with a securement for the loan
17. 17
Credit Cards
• Provide a line of credit which can be
accessed with a card
• Allow consumers to borrow money from a
lending institution and pay back some or all
of it each month
• Have a maximum limit to how much can be
borrowed (credit limit)
• Usually requires a signature to complete the
transactions
18. 18
Debit Cards
• Draw money directly from the consumer’s
checking account when a purchase is made
• Issue a penalty when the account is
overdrawn
– it is important to keep a running balance in the
checking account to make sure to not
accidentally overdraw the account
• Usually requires a pin to complete the
transactions
19. 19
Impact of Credit Decisions
• Include the following:
– monthly budget
– income statement
– net worth statement
20. 20
Monthly Budget
• Helps organize money to set and reach
financial goals
• Can be based upon the following ideas or
goals of the budgeter:
– establishing an emergency fund
– paying bills on time to avoid late fees
– paying off any debt
– buying a house or vehicle
• Helps individuals understand how their
money is being allocated
21. 21
Income Statements
• Are documents or spreadsheets outlining an
individual’s financial position at a given point
of time
• Typically include a breakdown of a person’s
total assets and liabilities
• Impact credit decisions
by showing how well an
individual is doing
financially
22. 22
Net Worth Statements
• Provide a list of assets and debts owed
• Are essential when planning for long-term
financial success
• Include adding up all assets and liabilities,
then subtracting liabilities from assets
– assets are anything an individual owns which
has monetary value
– liabilities are obligations an individual has to pay
• mortgages
• student loans
23. 23
Credit Scores
• Are a number given to an individual which
indicates to the lender their ability to repay a
loan
• Can be obtained from multiple sources
– most commonly used are FICO and
VantageScore which range from 300 to 850
• each lender will set its own lending standards
however, in general, scores from 300 to 629 are
considered poor, 630 to 689 are considered fair,
690 to 719 are considered good and anything
over 720 is considered excellent
24. 24
Good Credit Scores
• Enhances a person’s ability to borrow
– lenders use a person’s credit score to evaluate
his or her risk as a borrower
• Help the borrower enjoy lower interest rates
– the higher the credit score, the lower the
interest rate might be
• Help the borrower gain access to better
financial deals
– a person might be able to refinance his or her
home loan or become eligible for better rewards
offered by a credit card
25. 25
Credit Worthiness
• Refers to an individual’s ability to repay a
borrowed amount
• Is reviewed by looking at five factors
– character
• how long an individual has been employed and if
bills are paid on time
– capacity
• evaluates income and household expenses
– capital
• equals how much is owned minus how much is
owed
26. 26
Credit Worthiness
• Is reviewed by looking at five factors
– collateral
• something tangible the borrower provides the
lender in the event of default
– condition
• current financial environment
27. 27
Credit Scores
• Are determined by the following:
– payment history
• whether bills or debts have been paid in the past
– credit utilization
• percentage of available credit which has been
borrowed
– length of credit history
• length of time each account has been open
– new credit
• new loans or credit accounts
– credit mix
• overall ability of how a borrower can handle all
types of credit
28. 28
Credit Reports
• Provide detailed information on how an
individual has used credit in the past,
including how much debt they have and
whether or not they have paid their bills on
time
• Are provided by three
credit bureaus in the
United States:
– Experian®
– Equifax®
– Transunion®
29. 29
Credit Reports
• Include the following information:
– personal information
• name, address, social security number
– credit history
• all open and closed credit accounts along with
records for repayments
– public records
• public records relating to finances such as
property liens or bankruptcy
– credit inquiries
• who has checked an individual’s credit in the
past two years
30. 30
Obtaining a Credit Report
• Involves the following:
– requesting a report from a credit report service
such as Equifax® or Experian®
– company sending the credit report which will
contain the credit score
31. 31
Credit Reports
• Should be monitored regularly
– can be important tools for detecting identity theft
and fraud
• when someone uses another's personal
information to commit fraud, such as opening a
new credit account
– can help individuals catch signs of fraud and
take action to remedy the situation
– first step in correcting any inaccurate
information
32. 32
Credit Report Mistakes
• Can include the following:
– incorrect personal information
– outdated information
– incorrect payment status
• Can be disputed by contacting the credit
reporting agency
– disputes can be submitted online or by calling a
toll-free telephone number
33. 33
Good Credit Management
• Is the practice of managing personal
finances
– tip: keep track of expenses and pay off debt fast
• Is an efficient indicator of identifying identity
theft
– tip: check credit report often to make sure
information is correct
• Can also catch mistakes made to credit
– tip: if a mistake occurs, make sure to report it
immediately
34. 34
Consumer Credit Laws
• Are laws protecting consumer rights in credit
practices
• Include the following laws:
– Equal Credit Opportunity Act
– Fair Credit Reporting Act
– Truth in Lending Act
35. 35
Equal Credit Opportunity Act
• Prevents lenders from discriminating against
people or businesses based on non-
financial factors
• Claims a lender cannot discourage a
consumer from applying or discriminate
against a consumer based on factors such
as race, color, religion, marital status, age
(unless an applicant is too young to sign a
contract)
36. 36
Fair Credit Reporting Act
• Defines how consumer credit information
can be collected and used
• Governs credit bureaus like Equifax®,
Experian® and TransUnion® along with other
consumer reporting agencies
• Allows consumers to review their credit
report upon request
– consumers can receive one free copy of their
credit reports each year from each credit bureau
• Provides consumers with the rights to
dispute errors on their credit reports
37. 37
Truth in Lending Act
• Defines what information must be disclosed to
consumers who are being offered credit
products, such as personal credit cards and
loans
• Requires lenders to disclose:
– annual percentage rate (APR)
– finance charges, including application fees, late
fees and prepayment penalties
– amount financed
– payment schedule
– total repayment amount over the lifetime of the
loan
38.
39. 39
Borrowing Money
• Can become essential when making large
purchases such as a house or vehicle
• Usually involves paying interest for the
money borrowed
– interest is an amount of money charged by the
lender for borrowing money
• Is tricky and can result in poor financial
stability
40. 40
Types of Loans
• Include but are not limited to:
– student loans
– mortgages
– auto loans
– payday loans
41. 41
Student Loans
• Are offered to post-secondary students and
their families to help cover the cost of higher
education
• Have two main types:
– Federal student loans
• typically comes with
lower interest rates and
more borrower-friendly
repayment terms
– private student loans
• generally more expensive than Federal student
loans
42. 42
Mortgages
• Are loans distributed by banks to allow
consumers to buy homes they cannot pay
for upfront
• Are tied to homes– a buyer can risk
foreclosure if they fall behind on payments
• Usually have the lowest interest rates of all
loans
43. 43
Auto Loans
• Are loans people take out in order to
purchase vehicles
• Can help a person afford a vehicle, but
involves the risk of losing the car if
payments are missed
• May be distributed by a bank or by the car
dealership directly
– while loans from the dealership may be more
convenient, they often carry higher interest
rates and ultimately cost more overall
44. 44
Payday Loans
• Are short-term, high-interest loans designed
to bridge the gap from one paycheck to the
next
• Are used predominantly by repeat borrowers
living paycheck to paycheck
• Should be repaid when the borrower
receives their next paycheck
– the government strongly discourages
consumers from taking out payday loans
because of their high costs and interest rates
45. 45
Amortization
• Is the process of paying off a loan over time
with regular, equal payments
– monthly loan payments remain the same each
month
• Is most common with monthly payments on
loans
• Can be used to pay off many types of loans,
including:
– auto loans
– home loans
– personal loans
46. 46
Amortized Loans
• Are calculated to completely pay off the
balance over a specific amount of time
– for example, a buyer will pay off a 30-year
mortgage after exactly 360 monthly payments
• Have payments which are applied toward
two parts─ interest costs and the principal
– interest costs are highest at the beginning of the
loan; as time goes on, more and more of each
payment goes towards the principal
47. 47
Amortization Table –
60 Month Loan Example
Month Balance
(Start)
Payment Principal Interest Balance
(End)
1 $20,000.00 $377.42 $294.09 $83.33 $19.705.91
2 $19,705.91 $377.42 $295.32 $82.11 $19,410.59
3 $19,410.59 $377.42 $296.55 $80.88 $19,114.04
--- --- --- --- --- ---
58 $1,122.90 $377.42 $372.75 $4.68 $750.16
59 $750.16 $377.42 $374.30 $3.13 $375.86
60 $375.86 $377.42 $374.29 $1.57 $0
* The table shows a $20,000 five-year auto loan with an interest rate of five percent
48. 48
Components of Borrowing Money
• Include the following:
– annual percentage rate (APR)
– interest rate type (fixed interest or variable
interest)
– length of term
– grace period
– additional fees
49. 49
Annual Percentage Rate (APR)
• Is the annual or yearly rate charged for
borrowing or earning through an investment
• Is the cost of a loan evaluated in terms of a
yearly percentage rate
– for example, if the loan has a 10 percent APR
rate, a borrower would pay $10 for every $100
borrowed annually
50. 50
Fixed Interest
• Has the same interest rate throughout the
life of the loan
• Allows the individual to know how much
they will pay each month
– for example, if someone buys a $250,000
house, takes out a $200,000 mortgage with a
four percent fixed interest rate for 10 years, the
interest rate will stay the same every year
51. 51
Variable Interest
• Fluctuates over time as the market interest
rates change
• Tends to start out lower than fixed interest
rates, however, may increase or decrease
throughout the life of a loan
– for example, a credit card company may offer a
variable interest rate which is tied to a particular
interest rate such as the “prime rate”; the interest
rate is expressed as the prime rate plus a
particular percentage such as “prime rate + 5%”
this means the interest rate will change based on
the prime rate which is the market rate
52. 52
Fixed vs. Variable Interest Rates
Fixed Interest Rate Variable Interest Rate
Description The interest rate and
payments are fixed for the
duration of the mortgage
term
The rate can rise and fall
depending on the market
interest rates
Pros The rate and payments
stay the same, which
makes budgeting easier
and provides stability
Historically, variable rates
have proven to be less
expensive over time
Cons Consumers might pay a
larger amount throughout
the entire mortgage term
It can be risky because a
significant increase in
market rate will increase
the interest rate
53. 53
Length of Term
• Refers to the amount of time the borrower
has to pay back the amount loaned
• Varies depending on the loan and policies
provided by the lender
• Impacts the length of borrowing by
establishing an amount of time money can
be lent
54. 54
Grace Period
• Is the gap between when the credit card’s
billing cycle closes and when the bill
becomes due
– if the balance is paid off during the grace period,
there will be no finance charges for the
purchases made
55. 55
Additional Fees
• Include the following penalties:
– late payments
• charge made for a payment being late
– cash advance
• fee which is charged for a short-term cash loan
– prepayment penalties
• an agreement between the borrower and lender
which regulates the amount the borrower is
allowed to pay off and when it must be paid off
– these can be included by a lender in a loan to
ensure the lender does not miss out on collecting
any interest which could be incurred
56. 56
Borrowing Costs
• Can be reduced in several ways, such as:
– putting down a higher down payment
– shopping around for a low interest rate
– shortening the length of term
– making a higher principal payment
57. 57
Higher Down Payments
• Involve making a higher initial payment so
the amount borrowed is less
– down payment is a portion of the initial payment
made for a purchase
• Keep borrowing money at a minimum
– the higher the down payment, the lower the
amount of money which needs to borrowed
• Might result in lower interest rates and fewer
additional fees
58. 58
Higher Down Payment
• Example includes the following:
– if a couple buys a $250,000 home and makes a
down payment of $100,000, they will only need
to borrow $150,000 from the bank
• in this case, loan amount and interest rate
decrease with a higher down payment
59. 59
Interest Rates
• Are the rates charged by the lender for the
use of money
• Can make a huge difference when making a
major purchase
• Can be determined by:
– credit scores
– loan amount
– down payment
– loan term
– interest rate type (fixed or variable)
60. 60
Length of Term
• Is also a determining factor of the borrowing
cost
– the faster a person pays off the principal, the
less interest they will have to pay
• for example, paying off a mortgage in 15 years
rather than 30 years can save a person a large
amount of interest
– an individual should assess his or her financial
ability when determining the length of term of a
loan
61. 61
Principal
• Is the original sum of money borrowed in a
loan
– in the beginning of a loan, the principal is paid
off slowly as most of the payment is applied
toward paying interest
– toward the end of a loan, very little of the
payment will be applied toward interest, most of
it will go toward paying the principal down
62. 62
Principal Payments
• Are the money which is agreed to be paid
back and only goes towards the principal of
the loan
– interest is calculated based upon the principal
• Will decrease within a loan as more money
will be left over after paying interest
• Include any remaining money which will be
applied to any interest due
– rest of payment will be applied to the principal
balance of the loan
63. 63
Borrowing Process
• Involves the following steps:
– determining the amount to borrow
– selecting a right loan program
– applying for a loan
– processing the loan
– closing the loan
64. 64
Determining the Amount to
Borrow
• Is the first step in the borrowing process
• Involves assessing how much money an
individual can afford to borrow
• Involves figuring out the debt-to-income ratio
– is calculated by dividing total monthly debt by
gross monthly income
• in the case of a mortgage, a rule of thumb states
a monthly mortgage payment should not exceed
one-third of the gross monthly income
65. 65
Selecting the Right Loan Program
• Involves choosing which loan makes the
most sense for the financial situation
– in the case of a home loan, there are two basic
types of loans: fixed rate mortgage and
adjustable rate mortgage
– length of term also needs to be determined
according to the financial situation
66. 66
Applying for a Loan
• Involves turning in necessary documents to
a loan officer, including:
– identification (state ID, possibly a social security
card)
– proof of income
– employer contact information
– most recent tax returns
– proof of assets which relate to ability to pay
– completed mortgage application
– information regarding all of the individuals bank
and credit accounts
67. 67
Processing the Loan
• Involves determining whether the individual
has the ability and willingness to repay the
loan
• Involves assessing the following information
– credit check
– asset evaluation
– property appraisal
68. 68
Closing the Loan
• Involves reviewing and signing the final
documents
– documents must be reviewed prior to signing in
order to make sure the interest rate and loan
terms are what has been promised
– verifying the name and address on the loan are
accurate
• May also involves paying several fees, such
as insurance, transfer charge, etc.
69. 69
Good Borrowing Habits
• Include:
– using credit carefully
– finding the best interest rate and terms
– finding a reputable lender
– taking repayment responsibilities seriously
– clearing debts as quickly as possible
– reviewing debt periodically
70. 70
Bad Borrowing Habits
• Include:
– spending more than can be earned
– borrowing for a luxury when basic necessities
cannot be afforded
– delaying monthly payments
– failing to budget
– ignoring credit reports
71. 71
Bad Borrowing Habits
• Can result in:
– low credit score
• bad habits such as missing payments and using
up available credit can negatively impact a score
– loss of property
• in the case of a secured loan, assets could be
taken if too many payments are missed
– bankruptcy
• legal status of a person which cannot repay
debts to creditors; can result in major damages
on a credit profile
72. 72
Debt Problems
• Can be overwhelming
• Can be solved by implementing the
following strategies:
– identifying the cause
– implementing a cure
– seeking professional help
73. 73
Identifying the Cause
• Is the first step in getting out of debts
• Involves getting to the root of the problem
and understanding what need to be
overcome
• Might be:
– insufficient income
– excessive debt
– bad spending habits
74. 74
Implementing the Cure
• Involves adopting new habits which help get
rid of debt
• Might involve:
– making a realistic budget with spending limits
for each category
– tracking daily spending
– learning how to curb emotional spending
• when facing any unplanned buying decision,
always require a “calming” period of time
• reduce exposure to advertising
• find alternatives which bring enjoyment to life,
such as exercising, listening to music, etc.
75. 75
Seeking Professional Help
• Can be a great solution when a person
becomes overwhelmed with debt
• May prevent a person from filing bankruptcy
• Involves looking for a financial planner or
debt counselor
– a professional financial counselor will look at the
monthly bills, expenses, debts and income and
help set up a budget; in addition, he or she can
negotiate better terms, lower monthly payments
and lower interest rates