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Borrowing (Key Terms (Deposit, Credit Rating, Guarantor, Annual Percentage…
Borrowing
Key Terms
Deposit
Credit Rating
Guarantor
Annual Percentage Rate (APR)
Collateral
Instalments
Interest
Rights and Responsibilities
Know APR
Be honest
Know cost
Can cancel with 14 days
Know number of payments
Use for intended purpose
Make repayments on time
Sources
Post Office
Credit Unions
Banks
Money Lenders
Considerations
Necessity
Affordability
Cost
Consequences
Mid-Term Loans
Car
1-5 Years
College Fees
Long-Term Loans
5+ Years
House
Mortgage
Short-Term Loans
Overdraft
Credit Card
Other Options
Hire Purchase
Leasing
Risks
Debt
Arrears