ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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credit card
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home/car loan
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debt card
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None of the above
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Detailed explanation-1: -Examples of installment loans include auto loans, mortgage loans, personal loans, and student loans. The advantages of installment loans include flexible terms and lower interest rates. The disadvantages of installment loans include the risk of default and loss of collateral.
Detailed explanation-2: -Common installment loans include mortgages, auto loans, student loans, and personal loans. With each of these, you know how much your monthly payment is and how long you will make payments. An additional credit application is required to borrow more money.
Detailed explanation-3: -An installment account is what you might imagine a typical loan to be. A mortgage, auto loan or personal loan are examples of installment loans. These usually have fixed payments and a designated end date.
Detailed explanation-4: -installment credit, also called Installment Plan, or Hire-purchase Plan, in business, credit that is granted on condition of its repayment at regular intervals, or installments, over a specified period of time until paid in full.
Detailed explanation-5: -Personal loans. Personal loans can be used for essentially every legitimate expense and are offered by banks, credit unions and online lenders. Auto loans. Student loans. Mortgages. Buy now, pay later loans. 13-Feb-2023