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Business

Business(Personal borrowing)

QuestionAnswer
What is renting? Also known as hiring or leasing. It is used by people who want the use of something but not the ownership
What is hire purchase(HP)? Offers the immediate use and the eventual ownership of a good. Used to purchase cars,equipment and furniture
What are the rights of borrowers? Borrowers are entitled to receive certain information from the lender E.g Cash price
What are the responsibilites of borrowers? Borrowers have to supply accurate information to lenders and repay any loans plus interest as requirede
What is the annual percentage rate(APR)? The APR takes into account all charges involved in getting the finance and that the amount borrowed is reducing as payments are being made
What is the flat rate of interest? A flat rate of interest is based on the original sum borrowed and as a result the total interest paid will be higher
What is bankrupcy? Where the court declares publicly that someone cannot pay hat they owe. A person is then declared bankrupt and cannot obtain credit
Where can a person borrow money from? Banks,building society's and credit unions
Created by: Chimozukee
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