Loan services
Different types of loans are available for different circumstances:
Overdraft
An arrangement where you can spend more than you have in the bank, but interest will need to be paid.
Personal loans
You will receive a sum of money and repay in instalments, with interest, every month for a period of time.
Hire purchase
A way of buying goods 'on credit', often interest free (0% finance). You do not own the product until you complete the final payment.
Mortgage
A specific type of loan that is used to purchase a house/building. Mortgage repayment periods are long – up to 25/30 years.
Credit cards
You can pay for goods with credit cards even if you don't have the money. The balance or part of it will then need to be paid back each month.
Payday loans
Short-term loans for relatively small amounts but with very high interest rates.