![]() Borrowers make monthly payments on the amount charged to the account, as well as on the interest that is charged by the issuer. The credit card issuer sets a maximum limit that can be charged. Unsecured, revolving loans that comes with a card and is primarily used for purchases, though some also provide cash advances. Unsecured loans offered to bank customers. It is usually unsecured and based on the borrower's integrity and ability to pay. Loans used to finance the purchase of an automobile. Loans offered to homeowners where the loan amount is capped at a percentage of the equity that the owner has on the home. Loans to purchase a home where the collateral is the home itself. Savings accounts that offer a higher interest rate in exchange for committing your money for a set period of time (six months, 12 months, etc.). Can be good for building emergency savings or paying for occasional expenses. ![]() Low transaction checking accounts that offer a higher interest rate in exchange for a higher minimum balance requirement. Great for building emergency savings or saving for short or medium term goal. ![]() Great for paying bills and keeping track of spending.Ī deposit account held at a bank or other financial institution that safeguards funds and provides a modest interest rate. Financial Products and Services-The Basicsīefore you head to a bank or credit union, learn the basics about the products and services they offer.Īn account at a financial institution that allows for withdrawals and deposits. ![]()
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