Topic 6 Flashcards
1
Q
People who take out a credit card or a personal loan how long is their cooling off period
A
14 days
2
Q
The cost of borrowing is the interest rate and the fees providers must quote the cost as what
A
Apr the annual percentage rate providers are required to quote a apr in adverts for borrowing products
3
Q
What are personal loans
A
Unsecured loan for fixed amount of money over a fixed amount of time at a fixed apr
4
Q
What are the credit reference agencies and what do they do
A
Experian , equifax and transunion they look at the credit people have applied for the amounts they’ve borrowed over the last 6 years and how often they was late to making payments
