Title: Compare terms and conditions of various sources of consumer credit.
Course: Economics and Personal Finance (19262-36) > Section: Demonstrating Knowledge of Credit and Loan Functions

Comparison should include

- defining the terminology
  - annual percentage rates
  - annual fees
  - over credit limit fees
  - transaction fees
  - late fees
  - risk-based lending
  - formal sources
  - informal sources
  - finance charge
- identifying sources as formal sources or informal sources
- identifying credit sources, such as retailers, banks, credit unions, finance companies, payday loan services, title loan services, and pawnbrokers
- identifying predatory lenders (e.g., title loan services, pawnbrokers)
- enumerating advantages and disadvantages of the various credit sources (e.g., risk-based lending).
- identifying the information that is needed to apply for credit.