Find every term and definition starting with the letter "c" in the ConsumerSavings.org payday loan glossary…

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Glossary of Payday Loan Related Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Cash advance loan

A cash advance loan, or a payday loan, consists of money borrowed until the borrower’s next payday. The maximum amount of a payday loan advance is usually $500, and comes with a very high APR.

Collateral

Assets that a borrower is obliged to turn over to a lender if unable to repay a loan. Usually, the property itself is the collateral for a property loan.

Credit

When you’re extended credit, you promise to pay, in the future, in order to borrow today which, in effect, defers repayment of your debt.

Credit History

Your credit history is a record of the debts you’ve borrowed and repaid in the past.

Creditworthiness

Creditworthiness is a creditor’s measure of your past and future ability, and your willingness, to repay your debts. This is often determined in part by your consumer credit report.