Consumer Credit Fundamentals by S. Finlay

By S. Finlay

Regardless of the massive growth in patron credits within the final twenty-five years there are only a few texts describing the operation of client credits markets. purchaser credits basics is the 1st publication to supply a extensive cross-disciplinary advent to the topic. It covers the heritage of credits, the categories of purchaser credits to be had, how credits is granted and controlled, the criminal framework during which advertisement creditors needs to function, in addition to buyer and moral concerns. an entire, well-rounded and functional advent to purchaser credits.

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Extra resources for Consumer Credit Fundamentals

Sample text

Given that the lender could lose everything on what was potentially a very risky venture, high rates of return 18 Consumer Credit Fundamentals could be demanded. Interest-free lending was also acceptable and in its pure form was viewed by the Church as a charitable act – lending to one’s brother in times of need. However, moneylenders often took advantage of this position, advancing funds without charge, but imposing penalties for late payment or a further fee to extend the loan beyond its agreed term.

Running account agreements are also known as open ended credit agreements or revolving credit agreements. 4 Unrestricted or restricted credit Unrestricted credit is where the borrower is free to decide how the credit will be used. This almost always means that funds are provided in monetary form as cash, a cheque or as funds paid into a bank account. Restricted credit is where the credit can only be used to buy certain goods or services. In this case, no money passes through the hands of the borrower.

While the lender may state that they charge interest at 6 percent per annum, they would be legally obliged to state that the APR is 9 percent. One of the problems with the use of APR is that while it is intended to give a standardized measure of the cost of credit, in practice it is possible to make certain assumptions and to calculate credit charges in different ways. The result is that two lenders who charge the same amount could have two different APRs. Conversely, they could quote the same APR, but charge very different amounts.

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