BEN
SKIP TO QUIZ
EPISODE 3: 1
RIO
AMBER
OBJECTIVES
You will consider at what times in your life you may need to borrow money
EPISODE 3: 2
You will have a basic understanding of different types of money lenders
learning
EPISODE 3: 3
FILM
A bank, building society or finance company may offer a personal loan.
Short-term loans for small amounts of money. Usually easy to get but the interest rates are extremely high.
EPISODE 3: 4
BANK OVERDRAFTS
money
LOANS
You can arrange to take out more than you have in your account.
LENDERS
PAY DAY LOANS
WHICH TYPE OF LENDERS SHOULD YOU AVOID?
EPISODE 3: 10
Payday lenders and loan sharks
question 1
Annual Percentage Rate - these vary with all lenders so shop around for the best offer
WHAT DOES APR STAND FOR AND WHY SHOULD YOU COMPARE?
EPISODE 3: 11
question 2
question 3
EPISODE 3: 12
IS IT A GOOD IDEA TO BORROW MONEY FOR A HOLIDAY?
No! A holiday is often just 1 or 2 weeks; you could end up paying it back for over a year or more when the holiday is long forgotten
1
DILEMMAS
2
3
borrowing
EPISODE 3: 8
Credit means borrowing. A type of plastic card.
CREDIT UNION/ COMMUNITY BANK
Interest rates depend on catalogue.
EPISODE 3: 5
MAIL ORDER CATALOGUES
Non-profit organisations set up by members to benefit their community.
CREDIT CARDS
LOAN SHARKS
EPISODE 3: 6
Illegal money lenders
Lends money against goods you leave with them
PAWNBROKER
danger...
SHARKS
EPISODE 3: 9
TIMELINE
EPISODE 3: 7