The last two weeks for financial literacy we have been working on lending criteria and definitions.
Debit Card – Is a card that has your own money in it.
Credit Card – Is a card that has ‘borrowed money’ where you pay interest if the full card payment is not made.
After Pay – Buy Now Pay Later scheme where you have weekly or fortnightly payments to pay off an item.
Personal Loan – a Personal Loan is when you ask the bank for a loan.
Overdraft – Money you have arranged with the bank to cover unnecessary costs.
Hire Purchase – When you buy something, take it home and have a set time to pay it off.