Borrowing Facts

When you are first thinking about borrowing, what question comes up?

• Am I well off monetarily?

• Am I working?

• Do I really need to borrow the money?

• What is my worth?

Who may people borrow money from?

• Friends and family

• A Bank

• Money Lenders

• All of the above.

Asking yourself how much your can afford to borrow is really important.

• True

• False

How do you organize to pay a loan?

• This will be organized by you.

• This will be organized by your parents.

• This will be organized with you lender.

• You don't need to organize anything.

If you are borrowing from a bank or a credit union, you might be required to -----------------.

• Pay the loan back right awary

• set up monthly direct debit from your account.

• Never pay it back.

• Ask for co-signers.

How much can you borrow from a lender?

• Depends on how much you already owe.

• Depends on your income and job security.

• Depends on how pretty/ handsome you are.

• Depends on whether you have a home or not.

What should you look for when shopping around for a loan?

• A low interest rate.

• Total cost of credit.

• How much money you can save.

• All of the above.

You should not sign any papers until.........................

• You have the best deal.

• You understand the terms and conditions of a loan.

• You have the money.

• You have different options.

What should you do if you get into debt?

• Stop paying.

• Give up hope

• Do not borrow money to pay existing debts.

• Do not ask for help.