Please enable JavaScript.
Coggle requires JavaScript to display documents.
Types of Organisations (Credit Unions (Features:
Provides loans to…
Types of Organisations
Banks
Advantages:
Convenient location, like high streets and online
Wide range of services
Different accounts for different uses
Disadvantages:
Conflict of interest between customers and shareholders
Interest charges on loans and overdraft etc.
high charges
savings only cover up to £75,000
Credit Unions
-
Advantages:
Anyone can join
helps people who are unable to get loans from a bank
Better terms than payday loans
Disadvantages:
Loands are usually small
Savings rates are often less than banks
Only a few have an online presence
-
Insurance Companies
Features:
Protect your precious things for a small monthly premium for example, cars, uses,loved ones
-
-
-
Pawnbrokers
-
Advantages:
Easier to be accepted than a bank loan
Terms flexible
If you default it doesn't affect your credit rating
-
PayDay Loans
-
Advantages:
Available quickly, often for unexpected costs
Can be for just a few days
Disadvantages:
Very high interest rate
Usually for less than £1,000
The full cost of the loan isn't always obvious tot eh borrower