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Simple English definitions for legal terms
consumer-credit transaction
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A quick definition of consumer-credit transaction:
A consumer-credit transaction is when someone borrows money to buy things like clothes, electronics, or services. These types of transactions are usually regulated to make sure the person borrowing the money is protected.
A more thorough explanation:
CONSUMER-CREDIT TRANSACTION
A consumer-credit transaction is when a person borrows money to buy things like clothes, electronics, or services like getting a haircut. These transactions are usually regulated to protect the consumer.
- Getting a loan to buy a new laptop
- Using a credit card to pay for a vacation
- Taking out a loan to pay for a wedding
These examples illustrate how a consumer-credit transaction works. In each case, the person is borrowing money to pay for something they want or need. They will then have to pay back the loan with interest over time. Regulations are in place to make sure that lenders don't take advantage of consumers by charging unfair interest rates or fees.