Consumer Credit Powerpoint
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Consumer credit refers to short-term loans for personal or household goods and services, such as credit cards, vehicle leases, and installment loans. There are two main types of consumer credit: closed-end credit which specifies repayment terms for loans or contracts, and open-end credit which has no spending limit or repayment deadline. While consumer credit provides convenience and allows for emergencies and large purchases, it can also enable unrealistic lifestyles and ruin credit if misused or abused. Proper credit management through understanding one's budget and debt obligations is important.
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Consumer credit allows individuals to purchase goods and services now and pay for them later. There are two main types of consumer credit: closed-end credit such as installment loans which must be paid back in full by a certain date, and open-end credit such as credit cards which can be repeatedly used up to a pre-set limit. When obtaining consumer credit, lenders evaluate applicants' creditworthiness by reviewing personal details, income, existing debts and intended purchases before deciding to approve or deny the application. If approved, the contract will specify the loan amount, interest rate, fees, repayment schedule and other terms. Consumer credit can help raise living standards by enabling purchases when cash is low, but it also carries risks like oversp
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1) The document discusses various types of consumer credit including closed-end credit (installment credit), open-end credit (revolving credit), and sources of consumer credit such as commercial banks and credit unions.
2) Past research studies are summarized that examine reasons for bankruptcy filings, spending patterns and credit use among households and students, and retailers' attitudes toward debit card charges.
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- It defines credit, the types of consumer and commercial credit, and creditor. The main types of consumer credit are charge accounts, credit cards, and installment borrowing.
- Open-end and closed-end credit are described as the two main types of consumer credit. Open-end has a revolving line of credit while closed-end is a fixed-amount loan.
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- Hire purchase grew in popularity in the 20th century, especially after World Wars I and II, as it facilitated economic activity and acquisition of goods.
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- Open-end and closed-end credit are described as the two main types of consumer credit. Open-end has a revolving line of credit while closed-end is a fixed-amount loan.
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Minimum documentation in a certain time frame .
if you Don’t have any marketable property, or amount required is not justified against the market value of property this is the right product
For you. This is the only product where end use of funds can be flexible as per your business needs .This is suitable also for rapidly growing businesses
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Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.
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if you Don’t have any marketable property, or amount required is not justified against the market value of property this is the right product
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1. Credit allows consumers to purchase goods and services now and pay for them later, usually with finance charges for interest. The amount of credit used, annual percentage rate, and length of repayment time all affect finance charges.
2. There are advantages to using credit like obtaining goods without full payment, buying costly items, and convenience. However, there are also disadvantages like reducing future income, expense of interest fees, temptation to overspend, and serious consequences of misuse.
3. There are two main types of consumer credit: sales credit using credit cards or accounts, and cash credit through loans. Credit cards can be general purpose, retail store brands, or travel/entertainment cards with different terms.
Practical economics student1
The document discusses consumerism and different aspects of using credit. It defines consumerism as educating buyers about purchases and demanding better products. It outlines five basic consumer rights. It then defines credit as receiving funds for future payment and explains why people use credit and different types of credit like installment debt. It discusses financial institutions that provide credit and different ways of receiving credit through charge accounts and credit cards. It emphasizes the importance of credit reports and maintaining a high credit score.
Presentation
This document discusses unfair credit contracts and advocating for consumers. It provides examples of unfair mortgage refinancing and fringe lending practices. For mortgage refinancing, it describes how brokers often provide consumers with more credit than requested, resulting in equity skimming. It also discusses obligations to assess repayment capacity. For fringe lending, it notes short term high interest loans targeted at disadvantaged groups. The document concludes by outlining Consumer Action's campaign for responsible lending regulations and capacity to negotiate relief for consumers.
Credit Review
The document summarizes key concepts related to consumer credit, including definitions of common credit terms, types of credit accounts and loans, how interest is calculated, credit reporting agencies and credit scores, laws protecting consumers, and tips for establishing good credit. It provides information on creditors, debtors, the annual percentage rate, grace periods, credit limits, principal and interest, open-ended and closed-end credit, revolving accounts, and methods for calculating interest charges. It also outlines federal laws governing credit reporting, equal access to credit, billing practices, debt collection, and electronic fund transfers.
Borrowing Basics
This document provides an overview of borrowing basics and responsible credit use. It discusses the importance of credit, different types of loans like credit cards, installment loans, and home loans. It covers loan fees and interest rates. It also explains how lenders evaluate borrowers using the four C's of credit (capacity, capital, character, collateral). The document recommends only borrowing what you can repay and paying bills on time to maintain good credit. It provides tips for managing credit responsibly.
Introduction to consumer lending
Here are the steps to calculate the debt burden ratio:
1. Monthly income before tax: 1500 JD
2. Estimated tax: 20% of 1500 = 300 JD
3. Monthly net income: 1500 - 300 = 1200 JD
4. Monthly debt payments:
- Credit card 1: 50 JD
- Credit card 2: 75 JD
- Car loan: 150 JD
- Total monthly debt payments: 50 + 75 + 150 = 275 JD
5. Debt burden ratio = Total monthly debt payments / Monthly net income
= 275 / 1200
= 23%
Therefore, the debt burden ratio for this applicant is 23%.
Intro to Credit
Learn the basics of credit in this easy-to-follow, introductory course that includes:
- What credit is and the different types of credit available
- How credit reports and credit scores work and the factors that go into building them
- Common options for building credit
And more!
Click through the slideshare to start your credit-education now.
Session9 E X A M I N A T I O N P R E P NMLS - Mortgage
Session9 E X A M I N A T I O N P R E P NMLS - MortgageDean Wegner of Guardian Mortgage, Arizona 602-432-6388
The document provides an overview of a presentation on preparing for the mortgage loan originator exam. It discusses the exam process, including registering online, paying fees, and scheduling the national and state exams. It also reviews strategies for taking multiple choice exams and covers sample exam topics, such as laws governing lending practices like the Truth in Lending Act and Equal Credit Opportunity Act.Understanding Mortgages
This document provides information about mortgages and homeownership. It explains that a mortgage is a loan used to finance the purchase of a home. It distinguishes between fixed-rate and adjustable-rate mortgages. It also discusses factors that impact total mortgage costs like down payment amounts, interest rates, and loan terms. Additionally, it compares costs and payments for different down payment amounts and credit scores to illustrate the impacts of these factors.
UcesChangeYourLife
United Credit Education Services claims to be the leading credit restoration company. They specialize in helping people improve their credit by legally removing late payments, collections, bankruptcies, foreclosures, and other negative items from credit reports. Their experienced professionals use the latest technology and legislation regarding the Fair Credit Reporting Act to hold credit reporting agencies accountable. Having good credit is important as over three quarters of lenders use credit scores to determine loans, interest rates, mortgages, insurance rates, and even employment eligibility. Millions of negative items have been removed from other consumers' reports, so the company asks why the reader shouldn't also improve their credit and start saving money.
Restrore Credit
United Credit Education Services claims to specialize in credit restoration and helping consumers improve their financial independence. They say their experienced professionals use the latest technology and hold credit reporting agencies accountable to legislation regarding credit reports. Improving a credit score is important as over three quarters of lenders use them to determine eligibility for loans, interest rates for mortgages and other financial products. Millions of negative items have been legally removed from credit reports since consumer protection laws were passed, so the company asks why the reader shouldn't also improve their credit standing and save money.
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Session9 E X A M I N A T I O N P R E P NMLS - Mortgage
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Consumer Credit Powerpoint
- 1. Understanding Consumer Credit Anita Lambert
- 2. Consumer Credit Defined - Short-term loans to individuals for purchasing goods and services for personal and household use. Credit card debt, vehicle leases, and installment loans are examples of consumer credit.
- 4. Consumer Credit Types of Consumer Credit Closed-End Credit – credit contracts that specify the time period over which the loan or sales contract will be repaid, the total amount due, and the number of payments and due dates on which they fall. Open-End Credit - a form of credit that does not have an upper limit on the amount that can be borrowed or a time limit before repayment is due.
- 8. Home Equity Loans
- 9. Charge Accounts
- 11. Consumer Credit Advantages & Disadvantages Convenience Emergencies Large Purchases Builds Credit Temptation More Expensive Unrealistic Lifestyle Can Ruin Credit
- 12. Consumer Credit Potential For Abuse