| A | B |
|---|
| Payday loans | short term loan that provides cash by securing a borrower's written check or receiving authorization for automatic withdrawal from the borower's bank or credit union |
| Rent to own | tangible items such as furniture, electronics or household appliances with the condition that it will be owned by the renter upon completion of the lease. Interest is much higher that if the consumer bought the item |
| Title Loan | The borrower gives the lender his/her automobile title in exchange for a set amount of cash. If the loan is not repaid as agreed, the lender keeps the title to the item. |
| Pawn Loan | A loan based on the value of personal property. Cash plus interest must be paid back within a specified time period, otherwise the lender keeps the item. |
| Refund anticipation loan: | Short-term cash advance secured by a taxpayer expected tax refund. Lender charges a fee and the borrower authorizes the check into the lender's account. Borrower must pay the difference if refund was less than loan. |
| Credit application | a form requesting information about a credit applicant. |
| Information on credit reports | personal history, credit requested, information about abity to repay, credit history |
| Alternative credit | most combine elements of open and closed end credit. Usually higher interest rates and higher fees. |
