Loans Flashcards
1
Q
Term
A
The time you have borrowed the money
2
Q
Principal
A
The amount you borrow
3
Q
Debt
A
When you owe somebody money
4
Q
Repayment
A
Paying principal and interest to the lender
5
Q
Loan
A
When you borrow money from someone
6
Q
Secured Loans
A
Loans where the borrower provides security
7
Q
Default
A
When the borrower fails to make repayments on a loan
8
Q
Security
A
An item the lender takes if the borrower cannot repay the loan
9
Q
Unsecured Loans
A
Loans where no security is required
10
Q
Gross Pay
A
The amount before any deductions. (pay rate x hours worked)
