Describe Financial Products and Services Appropriate to Self. Although there are many types of financial product, there are a few features that are common to several of them. Borrowing- several prod
Describe Financial Products and Services Appropriate to Self. Although there are many types of financial product, there are a few features that are common to several of them. Borrowing- several prod
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Describe financial products and services appropriate to self. Features:
Although there are many types of financial product, there are a few features that are common to several of them. Borrowing- several products enable customers to borrow money these include loans from banks and finance companies, overdrafts, credit cards and mortgages. All loans have specific requirements such as interest to be paid and a timescale to repay the amount borrowed. Saving/ investing – this is where money is deposited in an account and is available for later withdrawal. Normally interest is paid Risk – some type of savings, such as company shares, involve the risk that some or even all of the money invested could be lost.