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Credit, Loans, and Banks

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  • Interest
    The fee you pay to borrow money usually a percentage of the principal.
  • Ways to take money out of Checking Accounts
    1. Debit card 2. Checks 3. Cash
  • Savings and Compound interest
    Money that grows over time because you earn interest on interest.
  • Checking Accounts
    Used for daily spending
  • Principal
    The original amount of money borrowed.
  • Down Payment
    The money you pay upfront to lower the amount you borrow.
  • Credit Basics
    Credit=borrowing money and paying it back later.
  • Secured Loans
    Loans backed by something valuable like a house or a car.
  • Auto Loans
    A loan you take out to buy a car.
  • Credit Unions
    Member-owned with perks/benefits
  • Term
    The time you pay it back e.g. mortgage; 30 years or a car; 3-7 years.
  • Digital wallets
    Cards stored on the phone
  • Banks
    Money is insured (up to $250 000)
  • Unsecured Loans
    Loans that are not tied to a tangible object like a credit card or student loan.
  • Banking Statements
    A summary of all the transactions in your bank account over a certain period of time.
  • Savings Accounts Interest
    EARNS INTEREST (free money over time)
  • Savings Accounts
    Used to pay bills and day to day expenses
  • Amortization
    A payment that will pay off a loan where monthly payment includes interest and principal.
  • Community Banks
    Small local banks that focus on serving the needs of the people and businesses in their area.
  • P2P Payments
    Apps like Venmo/Paypal/ApplePay that send money directly to someone.
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