Finance · Money admin
How loans work: credit cards and buy now, pay later
How loans work, in six short lessons: principal, interest and term, APR and comparison rates, credit cards and minimum payments, personal and car loans, buy now, pay later rules, and payday loans, hardship and help. Official debt help for Australia, the UK and the US in lessons 1 and 6.
About this course
credit cards and buy now, pay later.
Starter · About 1 hour of learning · 6 lessons · 13 quick checks · 1 download
Who it's for
Adults in Australia, the UK, the US and elsewhere who want to understand loans, credit cards and buy now, pay later before they borrow.
How it works
6 guided lessons in your browser, with worked examples, exercises and a quick check after each lesson. Progress is saved in this browser only, and you can restart at any time. Lesson 1 is open to everyone, and you can take one whole course without an account. After that, a free account lets you continue past lesson 1.
Sources we rely on
32 published sources, mostly regulators and official bodies, listed below so you can check the original guidance yourself.
By the end you can
- Explain principal, interest and term, and how the term changes the total cost of a loan
- Use APR or the comparison rate and total cost to compare two loan offers
- Explain how credit card interest and minimum payments work, and plan a payment that clears a balance
- Tell secured and unsecured loans apart and explain how buy now, pay later works and is regulated
- Recognise payday loan costs and loan scams, ask for hardship help, and name the official debt help in your country
Downloads
- Loan and card cost worksheet .xlsxCompare two loan offers on repayment and total cost including fees, see a full repayment schedule, test a balloon payment, and model a credit card payoff at different monthly payments.
Rules by country
Learning time
About 1 hour of learning. May count towards your CPD or professional development; check your professional body's rules. Estimated from reading time, exercises, quick checks and downloads.
Sources
Check the originals.
Drafted with AI assistance and run through automated quality and source checks. How these courses are made. Spotted an error or out-of-date rule? Send a correction.
General information only, not financial advice. We don't recommend financial products.
- Personal loans · Moneysmart (ASIC, Australia)
- Car loans · Moneysmart (ASIC, Australia)
- Pay off your credit card · Moneysmart (ASIC, Australia)
- Choosing a credit card · Moneysmart (ASIC, Australia)
- Buy now pay later services · Moneysmart (ASIC, Australia)
- Buy now pay later credit contracts: credit licensing · ASIC (Australia)
- Payday loans · Moneysmart (ASIC, Australia)
- No Interest Loans · Moneysmart (ASIC, Australia)
- Financial hardship · Moneysmart (ASIC, Australia)
- What is a credit card interest rate? What does APR mean? · Consumer Financial Protection Bureau (US)
- What is the difference between a mortgage interest rate and an APR? · Consumer Financial Protection Bureau (US)
- Credit cards · Consumer Financial Protection Bureau (US)
- What is a grace period for a credit card? · Consumer Financial Protection Bureau (US)
- Auto loans · Consumer Financial Protection Bureau (US)
- What happens if I can’t pay back a Buy Now, Pay Later (BNPL) loan? · Consumer Financial Protection Bureau (US)
- What is a Buy Now, Pay Later (BNPL) loan? · Consumer Financial Protection Bureau (US)
- Buy Now, Pay Later (BNPL) products (compliance resources) · Consumer Financial Protection Bureau (US)
- What is a payday loan? · Consumer Financial Protection Bureau (US)
- What to know about payday and car title loans · Federal Trade Commission (US)
- Managing credit well · MoneyHelper (UK, Money and Pensions Service)
- Help if you’re struggling to clear your credit card debt · MoneyHelper (UK, Money and Pensions Service)
- Buy Now Pay Later · Financial Conduct Authority (UK)
- Loan fee fraud · Financial Conduct Authority (UK)
- Financial advisers register · Moneysmart (ASIC, Australia)
- TPB Register: check if your tax or BAS agent is registered · Tax Practitioners Board (Australia)
- National Debt Helpline · National Debt Helpline (Australia)
- Australian Financial Complaints Authority · AFCA (Australia)
- How to check a firm or individual is authorised · Financial Conduct Authority (UK)
- Get free debt advice · GOV.UK
- Working with an investment professional · Investor.gov (US Securities and Exchange Commission)
- Choosing a tax professional · Internal Revenue Service (US)
- What is credit counseling? · Consumer Financial Protection Bureau (US)
Publisher
Who publishes this course.
Published by trainyourself.org, a trading name of Combine TRS Pty Ltd (ABN 42 112 983 678), Brisbane, Australia.
How it's made: drafted with AI assistance from published regulator, government and official money guidance, then run through automated quality checks against our course depth standard and automated source checks that match each rule to its official source, listed above. Read how these courses are made.
Last updated:
General information only, not financial, credit, tax or legal advice. Spotted an error or an out-of-date rule? Send us a correction.
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