1) The purpose of loan and credit: availability of loans and credit cards offered by financial  institutions a) Before borrowing money, make sure you can manage your debts.​ b) Ask when applying for a loan or credit card ​ c) Help them pay for their higher education.​ d) Most banks do not require a guarantor or collateral. 2) Types of loans available in Malaysia a) Life loan b) Student loan c) Bank loan d) Personal loan 3) Unlicensed money lenders a) There are also unlicensed money lenders, commonly referred to as loan sharks. Their operations are illegal.​ b) They charge very high-interest rates and often use threats and violence on people who cannot pay back their loans.​ c) Loans are provided at a very low-interest rate and become payable when the students gain employment.​ d) Graduates who do not pay back their student loans are, in fact, denying others from the same benefit. 4) Student Loan a) Most banks do not require a guarantor or collateral. b) Be clear about the purpose of application and whether you can afford to make the repayments. c) Offered by private organisations, government agencies as well as the government to college or university students d) Check and ensure that the purchase price and HP terms in the agreement are as agreed​ 5) Housing Loan: graduated payment a) Allows you to pay lower installment payments at the beginning of the loan.​ b) Check that you have accurate information on your loan account on a regular basis c) Read and understand the nature of the guarantee and the implications on you. d) Allow to buy items and pay for services electronically without using cash.​ 6) When you use a credit card, the credit card acquirer will pay the merchant on your behalf and bill you later through your issuing bank. a) Prepaid card b) Loan card c) Debit card d) Credit card 7) You are aware of your liabilities if variations are made to the terms and conditions of the loan. a) Guarantor b) Debit card c) Purchasing d) Borrower 8) "Stick of these terms and conditions" a) Borrower b) Guarantor c) Housing loan d) Owner 9) "Know your rights under the Hire Purchase Act​" a) Housing loan b) Vehicle loan c) Personal loan d) Student loan 10) Effective interest rate a) Financial institutions may require a guarantor who will be responsible for the unpaid portion of a loan including interest, if you default on your loan. b) You will be charged a penalty if you are late in paying your installments. This interest is charged on a daily basis.​ c) This is the actual interest that you pay after taking into account annual compound interest on the loan over its tenure. d) Financial institutions require a car owner to undertake a comprehensive insurance policy​

CHAPTER 6: BORROWING BASICS

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