Money MatesHave a go at pairing the financial term with its

related card!

VariableA rate of interest

that moves up and down=

APR Useful for Comparing loans AER

Lets me know the return on my money saved

Capital

PPI

In the event I get sick, this will help me keep up to

date with monthly payments, such as a

mortgage

The overall amount of money saved or invested ISA

Can pay a higher interest rate than a normal savings

accountBank account Will help me manage my

everyday money

Credit Unions

available from some large high-street chains or

groups. You must be at least 18 to apply, and is similar to

a credit card.

Provide savings and loans products for their members.

Membership depends on having a common bond

Store Card

Pension Helps you save for retirement

Loan sharkUnlicensed to lend money, and often lend at very high

ratesMortgage

Loan secured against your home.

Credit history

ATM Cash machine

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

A rate of interest that stays the same

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.

Loan Shark

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

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.

Pawnbrokers

Pawn direct - the less you borrow, the more you pay. For a loan of £50-500, the

APR would be 79.3%

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

Credit Union

Personal loan with the credit union charges a typical interest rate of 13.68%

Bank Overdraft

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

Bank OverdraftAbbey'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%

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.

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

Store Card

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

Store Card

The Miss Selfridge store card charges 30% APR