Consumer Credit
Definition
- Loans for personal or household use as opposed to business or commercial lending. Loans are generally unsecured, not backed by collateral.
Synonyms
personal loan, retail credit, money loaned to individuals, consumer loan
Related Terms and Acronyms
- Consumer Credit Service (CCS) — Acronym,
- A service that offers counselling about how to work out a realistic budget and debt repayment plan and work with creditors. The goal is to ensure that debts are paid back over time.
- Consumer Debt — Definition,
- Debts incurred for personal, as opposed to business, needs.
- Credit Card (CC) — Acronym, Very Important,
- A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
➥ A payment card that gives customers access to a revolving line of credit. - Loan Shark — Definition,
- A lender that provides loans at usuriously high interest rates, often ensuring repayment with the threat of force.
- Personal Loan — Definition,
- A loan made for personal, family, or household use as opposed to a business-type loan or a long-term mortgage loan to finance real estate.
- Title Loan — Definition,
- A loan that uses a car as collateral.
