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Where to Borrow commercial banks, credit unions and building societies.
Overdraft bank allows you to spend more money than you have in your account.
Term Loan loan from between 2 to 5 years.
Long-Term Loan loan for a period of over 5 years.
Mortgage loan for a house. It is over a 20 year period and if you don't pay it the bank sells the house.
Credit Union Loan loan from the credit union.
Moneylender a person who gives loans to other people who can't get a loan anywhere else. They carry a very high rate of interest.
Rights to be told the APR, to know the cost of the loan, to know the number of instalments and the right to be able to cancel the loan.
Responsibilities budjeting properly, ensuring the loan is paid on time, tell the truth and use the money for the purposes agreed.
Interest the price of borrowing money.
Flat Rate annual rate calculated as a percentage of the original sum borrowed.
Annual Percentage Rate (APR) the actual rate of interest charged on a loan.
Created by: businesspook
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