Loans and borrowing

Group workingLoans 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.