Flashcards
Where can I borrow money from?
Cards in this deck (7)
- 1—Personal loans
A bank will lend you a fixed amount of money, for a fixed time with a fixed rate. - 2—Personal loans
A building society can also lend you a fixed amount, for a fixed term with a fixed rate
- 3—I.O.U
Family are often a safe way of borrowing money for your short term needs.
- 4—Pay day loans
These are designed to borrow small amounts for less than a month.
Beware! High interest + charges..
- 5—A way to save and borrow
Credit Unions encourage you to save and offer competitive interest rates for people who may find it hard to get loans elsewhere.
- 6—Loans to help you get through university. These are backed by the government and once you start working, you start paying back.
- 7—These are illegal money lenders.You can end up paying back much more than you borrowed. They can intimidate and threaten you, if you do not pay them back.
Information
- Description
- A range of institutions and people from which you can borrow money.
- Created by
- woym.mentor3
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