Borrowing Money
Credit means that you are borrowing money to spend now and pay back later. There are lots of different types of credit like:
- Bank loan
- Student loan
- Credit card
- Bank overdraft
- Store card
As a student, you might need to borrow money at some stage and you will probably be offered what might appear to be tempting deals on credit, store cards and through online payday lenders.
Beware!
It is so easy to borrow money, you can quickly get yourself into debt. Even worse - you might not be able to repay it when they ask you to. If you can’t make your payments it can affect your credit rating and make it harder for you to get credit in the future.
It’s so important to make informed decisions when you are looking for credit. You should find the cheapest way of borrowing and make sure you know exactly how much you will end up paying back in the end.
Browse the buttons below to find out more about all the different types of credit on offer along with some survival tips too. If you can't find what you're looking for, or would like some more advice, simply get in touch with Advice SU by emailing studentadvice@qub.ac.uk and an adviser will get back to you.