Loans Review

Front

Auto Loan: Installment vs Revolving; Secured vs. Unsecured

Back

Installment/Secured

Front

Credit Card
Installment vs Revolving
Secured vs. Unsecured
What is the correct classification?

Back

Revolving/Unsecured

Front

Mortgage: Installment vs Revolving; Secured vs. Unsecured

Back

Installment/Secured

Front

Personal Loan: Installment vs Revolving; Secured vs. Unsecured

Back

Installment/Unsecured

Front

Small Business Loan: Installment vs Revolving; Secured vs. Unsecured

Back

Installment/Secured

Front

Student Loan: Installment vs Revolving; Secured vs. Unsecured

Back

Installment/Unsecured

Front

Which of the following is NOT true about why people use credit instead of cash on some items?

• Need to purchase a necessity before they have the funds available

,

• Want the safety or rewards that come along with credit cards

, Build their credit history, To spend money whenever they want

Back

To spend money whenever they want

Front

What would be an advantage to a lender if they require a downpayment for a loan?

Back

the lender has at least some part of the loan already paid, in case the borrower defaults & they never get the remaining money

Front

What is a Disadvantage if the lender requires a down payment on a loan?

Back

No interest is paid on the down payment, so it lowers the total cost of the loan.