Loans and borrowing
Outcomes to be accredited
In successfully completing this unit the student will have to:
Demonstrate the ability to:
- Identify four different forms of borrowing money.
- Compare two differences between each of the following bank loan, store card, hire purchase, and unregulated money lenders.
- Identify at least three items on a credit card statement correctly.
Show knowledge of:
- At least three issues to consider when taking out a personal loan.
- Two advantages and two disadvantages of using a credit card.
- At least two advantages of a credit union loan.
- At least one reason why it is important to read the small print on a personal loan document.
- The meaning of the terms "APR" and "the true cost of borrowing".
- Take part in a discussion about some of the different roles of credit reference agencies.
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