Application for Open End Unsecured Credit

• Category: Small Business - Accounting and Finance - Debtor Creditor
• State: Multi-State
• Control #: US-1814SB
• Format: Word; Rich Text

Description

Under the Equal Credit Opportunity Act, a creditor may design its own application forms, use forms prepared by another person, or use the appropriate model application forms contained in 12 C.F.R. Part 202, Appendix B. If a creditor chooses to use an Appe

Application for Open End Unsecured Credit is a type of credit card application that does not require the applicant to provide any form of collateral or security deposit. This type of application is typically used to obtain a line of credit with a predetermined limit and interest rate, and typically requires a credit check to be completed. There are two main types of Application for Open End Unsecured Credit: 1. Traditional Credit Card: This is the most common type of Application for Open End Unsecured Credit and typically requires a credit check, an annual fee, and a minimum monthly payment. 2. Secured Credit Card: This type of Application for Open End Unsecured Credit requires the applicant to provide some form of collateral, usually a savings account or certificate of deposit, to secure the line of credit. Secured credit cards typically have lower interest rates and fewer fees than traditional credit cards.