Borrowing by Christopher RHEAD https://padlet.com/crhead2/4hi5vqq0cu0yg37x Dashboard with information about the different types of borrowing. en-us 2023-06-19 07:34:50 UTC 2023-06-19 13:03:18 UTC hello@padlet.com mortgage - mia / reese, aniela, megan https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627115254 2023-06-19 12:35:04 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627115254 personal loan https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627115915 A personal loan is an amount of money you can borrow to use for a variety of purposes

Anyone might use a personal loan to pay off any debt they have, home renovations, for their education or in case of an emergency]]> 2023-06-19 12:35:53 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627115915 Payday loan https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627115929 2023-06-19 12:35:54 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627115929 Credit Card https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627118009 2023-06-19 12:38:52 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627118009 what is mortgage? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627118572 an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest.]]> 2023-06-19 12:39:43 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627118572 hire purchase 2907330 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627118961 2023-06-19 12:40:12 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627118961 Can I borrow money to get a mortgage? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627119068 It's possible to take out a loan to fund your mortgage deposit, but it's not a decision to take lightly. Essentially it's a 100% mortgage as you'll have no equity in the property, adding debt on top of debt, which can be very risky.]]> 2023-06-19 12:40:22 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627119068 personal loan https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627119217 2023-06-19 12:40:32 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627119217 What is a Payday Loan? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627120225 A payday loan is a type of loan of a short term borrowing where a lender will extend high - interest credit based on your income.]]> 2023-06-19 12:41:49 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627120225 who might use a mortgage? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627120282 people that buy a house]]> 2023-06-19 12:41:54 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627120282 Example https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121238 A short-term, high cost loan, generally for $500 or less, that is typically due on your next payday]]> 2023-06-19 12:43:10 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121238 what is a credit card https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121274 a credit card offers a line of credit that can be used to make purchases of any size. the loaned amount used on the credit card is required to be repaid in the future ]]> 2023-06-19 12:43:13 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121274 benefits of mortgage https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121630
  • You continue to remain the legal owner of your property while you use the funds from the loan to fulfil your needs.
  • Mortgage loans are easily approved since they are secured loans.
  • The interest you pay on a mortgage loan is much lower than that of a personal loan.

    • ]]>     2023-06-19 12:43:41 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121630     when do you pay a mortgage 2619314 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121989 Every month you will pay your installment with the interest added on top ]]> 2023-06-19 12:44:05 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627121989 advantages https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122056 - Lower interest rates
    - Fast funding
    - Provide flexibility and versatility
    - Easy to manage]]>     2023-06-19 12:44:10 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122056     negative of mortgage https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122104 debt]]> 2023-06-19 12:44:16 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122104 Examples of hire purchase https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122237 - TV
    - Fridge/Freezer 
    - Car

    ]]>     2023-06-19 12:44:27 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122237     Who might use it? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122991 Those with bad credit or lower incomes]]> 2023-06-19 12:45:28 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627122991 advantages- it allows you gain access to smarter and more expensive cars, there is a fixed interest rate so even if the intrest rates grow this will stay the same throughout the agreement and the payment can be payed over a long term depending on how much u pay each month determines for how long you will be paying for 2907330 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627123099 2023-06-19 12:45:37 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627123099 disadvantages https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627123602 - Although interest rates are low they can be higher than alternatives
    - Fees and penalties can be high
    - Additional monthly payment
    - Potential credit damage if don't keep up with monthly payment]]>     2023-06-19 12:46:26 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627123602     Advantages https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627124419 1. They’re easy to access
    2. They have fewer requirements than other loans
    3. They don’t check your credit]]>     2023-06-19 12:47:36 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627124419     CREDIT SCORE https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125198 your can use your credit score to loan money from the bank. The higher the credit the more likely the bank will loan you money due to you having a reputation of paying back the money on time. A good credit score is around 500 to 650]]> 2023-06-19 12:48:43 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125198 disadvantages- being late or missing a payment each month can affect your credit rating, if credit rating is low people will not be able to get the low interest rate deals, it will cost more money because of interest rates and you don't own the car until it is all paid so if u cannot pay for one month they may take the car away from you. 2907330 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125357 2023-06-19 12:48:52 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125357 negative of mortgage https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125543 people could end up paying their mortgage for 25-35 years, meaning that you will be paying off your mortgage for most of their life ]]> 2023-06-19 12:49:08 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125543 Disadvantages https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125617 1. They’re expensive
    2. Payday loans are considered predatory
    3. It’s easy to get trapped in a debt cycle]]>     2023-06-19 12:49:16 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125617     Disadvantages https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125769 - High interest charges
    - Overspending by cardholders
    - Fraud
    - Lower the credit score 
    - Missing payments ]]>     2023-06-19 12:49:29 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125769     something 2619314 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125914 When you buy a property, what you pay will be made up of two parts - your deposit and your mortgage. The larger your deposit you have in place, the smaller the mortgage you will need to borrow.]]> 2023-06-19 12:49:36 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627125914 what is the maximum amount of money you can get for a mortgage? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126572 In terms of products, lifetime mortgages can allow you to release up to 55% of your property value. Home revision plans can mean you could get up to 80% of the property value.]]> 2023-06-19 12:50:27 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126572 lol 2619314 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126789 your monthly payment is made up of two different parts. Part of the monthly payment will go towards reducing the size of your outstanding debt, while the rest will go towards covering the interest charged on that debt.]]> 2023-06-19 12:50:44 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126789 2907330 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126808 2023-06-19 12:50:46 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126808 Who might use hire purchase? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126845 People who do not receive a high income. It is used as it requires a low deposit ]]> 2023-06-19 12:50:48 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627126845 Advantages https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627127019 -earning rewards such as cash and 
    -build a high credit score - a higher credit score helps when finding loans with good interest rates
    -production from unauthorised charges ]]>     2023-06-19 12:51:01 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627127019     what is hire purchase? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627127113 an item in which you are given/have immediately but you pay for it in regular payments rather than at once. As people pay for this in regular payments the property/good stays as the sellers until all of the payments have been made. Hire purchase can be used for one off payments such as TV's. ]]> 2023-06-19 12:51:09 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627127113 2619314 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627128970 2023-06-19 12:53:39 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627128970 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627129169 2023-06-19 12:53:56 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627129169 2619314 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627129917 2023-06-19 12:55:06 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627129917 example https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627130114 conventional mortgage
    fixed rate mortgage
    adjustable rate mortgage
     ]]>     2023-06-19 12:55:26 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627130114     Why take out a personal loan? https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627131010 Can be used for large purchases, debt consolidation, emergency expenses etc.]]> 2023-06-19 12:56:47 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627131010 https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627131433 2023-06-19 12:57:29 UTC https://padlet.com/crhead2/4hi5vqq0cu0yg37x/wish/2627131433