Money Mates Have a go at pairing the financial term with its related card! Variable A rate of...
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Money MatesHave a go at pairing the financial term with its
related card!
VariableA rate of interest
that moves up and down=
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APR Useful for Comparing loans AER
Lets me know the return on my money saved
Capital
PPI
In the event I get sick, this will help me keep up to
date with monthly payments, such as a
mortgage
The overall amount of money saved or invested ISA
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Can pay a higher interest rate than a normal savings
accountBank account Will help me manage my
everyday money
Credit Unions
available from some large high-street chains or
groups. You must be at least 18 to apply, and is similar to
a credit card.
Provide savings and loans products for their members.
Membership depends on having a common bond
Store Card
Pension Helps you save for retirement
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Loan sharkUnlicensed to lend money, and often lend at very high
ratesMortgage
Loan secured against your home.
Credit history
ATM Cash machine
A record of how you have managed your borrowings
in the past. Used by lenders to decide when to lend to
you and how much
Fixed
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A rate of interest that stays the same
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Loan Shark
It is a criminal offence for anyone to lend money without having a licence to do so! Illegal money lenders are often referred to as ‘loan sharks’ because of the rough tactics they
use to get money from you.
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Loan Shark
Loan Shark – One illegal money lender was found to be lending at 117,000%!
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Pawnbrokers
Pawnbrokers are a source of short-term loans, typically used to ease temporary cash flow problems. There are no credit checks because pawnbrokers only provide secured loans. You
hand over to the pawnbroker an item against which the loan will be secured. The pawnbroker values the item and determines the maximum loan you can have. Monthly interest is also
added to the loan.
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Pawnbrokers
Pawn direct - the less you borrow, the more you pay. For a loan of £50-500, the
APR would be 79.3%
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Credit Union
Credit unions are owned and run by their members, for their members. Some credit unions may lend to you as soon as you become a member. Others will lend to you after you have shown
them you are able to save regularly
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Credit Union
Personal loan with the credit union charges a typical interest rate of 13.68%
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Bank Overdraft
The amount borrowed from the bank when you have spent more money than you have in your current account.
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Bank OverdraftAbbey's current account has a penalty fee
of £25 a month if customers go into unauthorised overdraft, with interest on
the debt charged at 28.7%
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Payday Lender
A payday lender provides payday loans - small, short-term loans that are intended to cover a borrower's expenses until his or her next payday.
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Payday Lender
The Money Shop is currently offering a special offer to pay £9.99 for £100 loan. This is equal to
260.2% APR
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Store Card
A type of credit card, but one which lets you buy things only in a narrow range of shops.
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Store Card
The Miss Selfridge store card charges 30% APR