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Open-End Credit
A revolving line of credit that borrowers may use repeatedly.
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Original Balance
The principal amount of a loan excluding interest and other charges.
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pawnshoploan
A small, short-term extension of money by a pawnbroker for a variety of merchandise, such as tools, electronics and jewelry.
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Payday Loan
An advancement of money in exchange for a personal check the lender holds until payday, when the borrower can redeem the check, allow the lender to deposit it or write another post-dated check to cover the original amount plus a new fee.
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Personal Line of Credit
A revolving line of credit used for consumer services, as opposed to business expenses.
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Personal Loan
A small, closed-end loan issued to consumers that is not secured by collateral.
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Policyholder
A person who pays a premium in exchange for coverage by an insurance policy.
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Pre-Approval
The process used by creditors and lenders to qualify borrowers for an extension of credit or a loan without a credit check or any other screening method.
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Predatory Lending
When lenders mislead borrowers to obtain expensive and abusive loans that carry high interest rates and excessive fees.
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Prime Rate
The standard interest rate on loans set by banks in relation to the Fed Funds rate, the rate at which banks lend money to each other.
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