Category: Borrowing Money
Buy Now Pay Later: How BNPL Works and Your Rights
What is Buy Now Pay Later (BNPL)? What is Buy Now Pay Later (BNPL)? Buy Now Pay Later (BNPL) is a type of payment option that allows you to spread the cost of a purchase over a set period, rather than paying the full amount upfront. With BNPL schemes, you can buy goods or services…
Credit Cards: UK Legal Overview
Understanding Credit Cards in the UK Credit cards are a common way to borrow money in the UK, letting you buy goods or services now and pay later. When you use a credit card, you are effectively borrowing from the card provider, with the agreement that you will repay what you spend – often with…
Loans: UK Legal Overview
What Are Loans? A loan is a legal agreement where you borrow a sum of money from a lender and agree to repay it, usually with interest, over a set period. In the UK, loans are governed by laws such as the Consumer Credit Act 1974, which sets out important rules to protect borrowers and…
Student Loans and Career Development Loans Explained
Introduction to Student and Professional Loans Student loans and professional and career development loans are two key ways people in the UK can fund their education and training. Whether you are heading to university, retraining, or advancing your career, these loans are designed to help cover the costs of tuition fees, living expenses, or professional…
How to Spot and Avoid Mortgage Scams in the UK
Introduction to Mortgage Scams Introduction to Mortgage Scams Mortgage scams are fraudulent schemes designed to trick people out of their money, personal information, or even their homes during the mortgage process. In the UK, these scams are a serious concern, as buying a home is often the largest financial commitment most people will ever make.…
Mortgages: Legal Overview and Guide for the UK
What is a Mortgage? A mortgage is a type of loan used to buy property, such as a house or flat, where the property itself acts as security for the loan. This means that if you are unable to keep up with your repayments, the lender has the legal right to take possession of your…
Understanding Overdrafts: UK Rules, Rights and Risks
What is an Overdraft? What is an Overdraft? An overdraft is a form of short-term borrowing that allows you to spend more money than you currently have in your bank account. In simple terms, it means your balance drops below zero, and you are effectively borrowing from your bank to cover the difference. Overdrafts are…
Payday Loans Explained: UK Rules, Risks and Safer Options
What Are Payday Loans? Payday loans are a form of short-term, high-cost credit designed to help people cover urgent expenses until their next payday. Typically, payday loans allow you to borrow small amounts – usually between £100 and £1,000 – which must be repaid in full, along with interest and fees, on your next payday…
How to Cancel a Credit Card Payment and Get a Refund
Understanding Credit Card Payments and Your Rights When you make a payment with a credit card in the UK, you’re not just using a convenient way to shop – you’re also gaining important legal protections. Understanding how credit card payments work, and what your rights are, is essential before you try to cancel or reverse…
How to Choose and Apply for a Credit Card in the UK
Introduction to Choosing and Applying for a Credit Card Choosing the right credit card is an important decision that can have a lasting impact on your personal finances. Credit cards offer a flexible way to borrow money, make purchases, and manage your spending, but they also come with responsibilities and legal obligations. Before you apply,…
