Unit Award Scheme

121896 UNDERSTANDING CREDIT

In successfully completing this unit, the Learner will have		Evidence needed
shown knowledge of
1	what credit is and how it works	Summary sheet
demonstrated the ability to
2	identify at least three ways they can access credit	Summary sheet
shown knowledge of
3	what a credit score is and at least two ways it can affect them	Summary sheet
4	the meaning of the terms 'interest', 'annual percentage rate' (APR) and 'annual equivalent rate' (AER)	Summary sheet
demonstrated the ability to
5	identify which credit option would be the cheapest to pay back when shown at least three repayment terms	Summary sheet
shown knowledge of
6	the main benefits and implications of borrowing from family or friends	Summary sheet
7	where to seek help if they are having difficulties repaying credit.	Summary sheet

All outcomes recorded on an AQA Summary Sheet

Approved 13 August 2024Level - Entry Level