BUSINESS UNIT 3 0.0 / 5 ? BusinessFinanceBTEC NationalAll boards Created by: kofithelearnerCreated on: 02-12-20 09:14 WHAT ARE SOME FORMS OF BORROWING OVERDRAFT CREDIT CARD PAYDAY LOANS PERSONAL LOAN HIER PURCHASE 1 of 6 WHAT IS AN OVERDRAFT? IT IS A TYPE OF SHORT TERM BORROWING OFFERED WITH CURRENT ACCOUNTS. IT IS A FLEXIBLE WAY TO BORROW MONEY IN SHORT TERM 2 of 6 ADVANTAGES & DISADVANTAGES OF AN OVERDRAFTS ADVANTAGES: FLEXIBLE QUICK TO SETUP NO EARLY REPAYMENT FEE DISADVANTAGES: COULD BE CHARGED FOR GOING OVER AGREED LIMIT BANK COULD ASK FOR MONEY AT ANYTIME CAN ONLY GET AN OVERDRAFT FROM A 3 of 6 WHAT IS A PERSONAL LOAN? A PERSONAL LOAN IS MEDIUM TO LONG TERM BORROWING. CUSTOMERS APPLY FOR THE LOAN BY EXPLAINING WHAT THE LOAN IS FOR, THE BANK THEN DECIDES WHETHER TO ACCEPT THEM OR NOT 4 of 6 ADVANTAGES/DRAWBACKS OF PERSONAL LOAN FIXED INTEREST RATES HELPS CREATES STABILITY FIXED REPAYMENTS 5 of 6 WHAT ARE THE PURPOSES OF ACCOUNTING RECORD TRANSACTIONS MANAGEMENT OF BUSINESS COMPLIANCE MEASURING PERFORMANCE FORM OF CONTROL 6 of 6
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