Rights & Responsibilities of a Borrower

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Presentation transcript:

Rights & Responsibilities of a Borrower

What is a Right ?

Rights of a Borrower To be told the Annual Percentage Rate of interest. To be told the total cost of the loan.

To be told the number of repayments and the amount of each repayment. To be told about any deposit or final payment. To be told they have the right to cancel the loan agreement within 14 days.

What is a Responsibility ?

Responsibilities of a Borrower To budget properly and so be able to repay the loan each month. To tell the truth when filling out the application form. To use the money for the correct purpose. To repay the loan in the agreed time.

Unscramble these sentences… purpose responsibility a borrower the money correct One of use the for is to is not repay the It in the agreed time a right to loan told cost be loan borrower the has the The to total of the right A loan repay in should time borrower the the agreed