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Money Mates

Money Mates. Have a go at pairing the financial term with its related card!. Variable. A rate of interest that moves up and down. =. APR. Useful for Comparing loans. AER. Lets me know the return on my money saved . PPI.

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Money Mates

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  1. Money Mates Have a go at pairing the financial term with its related card! Variable A rate of interest that moves up and down =

  2. APR Useful for Comparing loans AER Lets me know the return on my money saved PPI In the event I get sick, this will help me keep up to date with monthly payments, such as a mortgage Capital The overall amount of money saved or invested ISA

  3. Can pay a higher interest rate than a normal savings account Bank account Will help me manage my everyday money Credit Unions Provide savings and loans products for their members. Membership depends on having a common bond Store Card available from some large high-street chains or groups. You must be at least 18 to apply, and is similar to a credit card. Pension Helps you save for retirement

  4. Loan shark Unlicensed to lend money, and often lend at very high rates Mortgage Loan secured against your home. ATM Cash machine Credit history 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

  5. A rate of interest that stays the same

  6. 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.

  7. Loan Shark Loan Shark – One illegal money lender was found to be lending at 117,000%!

  8. 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.

  9. Pawnbrokers Pawn direct - the less you borrow, the more you pay. For a loan of £50-500, the APR would be 79.3%

  10. 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

  11. Credit Union Personal loan with the credit union charges a typical interest rate of 13.68%

  12. Bank Overdraft The amount borrowed from the bank when you have spent more money than you have in your current account.

  13. Bank Overdraft Abbey'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%

  14. 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.

  15. 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

  16. Store Card A type of credit card, but one which lets you buy things only in a narrow range of shops.

  17. Store Card The Miss Selfridge store card charges 30% APR

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