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". 

Experienced:

• Take part in a discussion about some of the different roles of credit reference agencies.