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WorksheetsPersonal Loans
Total questions: 10
Worksheet time: 18mins
Browse the article (https://www.nerdwallet.com/article/loans/personal-loans/personal-loan-bank-credit-union) and answer the question.
How does your credit score impact the personal loan options you have available?
A lower credit score correlates to a better interest rate and a larger available loan size.
A higher credit score correlates to a poor interest rate and a larger available loan size.
A higher credit score correlates to a better interest rate and a larger available loan size.
A lower credit score correlates to a poor interest rate and a larger available loan size.
Browse the article (https://www.nerdwallet.com/article/loans/personal-loans/personal-loan-bank-credit-union) and answer the question.
List at least 3 types of lenders who grant personal loans.
Traditional banking institutions
Credit unions
Credit card companies
Peer-to-peer lending sites
Browse the article (https://www.nerdwallet.com/article/loans/personal-loans/personal-loan-bank-credit-union) and answer the question.
What factors, other than rate, should you consider before choosing a personal loan? Select all that apply.
Flexibility to reschedule a payment
Unemployment guarantees
Interest rate
Rate of return
Browse the article (https://www.usnews.com/news/business/articles/2015/05/15/why-i-skipped-the-bank-and-took-out-a-loan-from-my-peers) and answer the question.
What dollar amount of loans have Lending Tree & Prosper (P2P) disbursed so far?
Prosper: $800 million
Combined: $6 billion
Prosper: $600 million
Combined: $8 billion
Prosper: $8 million
Combined: $600 billion
Prosper: $680 million
Combined: $8.6 billion
Browse the article (https://www.usnews.com/news/business/articles/2015/05/15/why-i-skipped-the-bank-and-took-out-a-loan-from-my-peers) and answer the question.
How does that compare to the amount of loans granted by JPMorgan (bank)?
JP Morgan: $8 billion
JP Morgan: $187 million
JP Morgan: $600 billion
JP Morgan: $187 billion
Browse the article (https://www.huffpost.com/entry/5-perks-of-peertopeer-len_b_6547848) and answer the question.
What aspects of peer-to-peer lending make it (frequently, but not always) less expensive to the borrower than traditional bank loans?
Attractive interest rates
Do no make money off of borrower
Fewer fees
Ability to tell story, resulting in lower rate
Browse the article (https://www.huffpost.com/entry/5-perks-of-peertopeer-len_b_6547848) and answer the question.
Which type of lender is more likely to give you a loan if your credit score isn’t great?
Credit unions
Traditional banks
Credit card companies
Peer to peer
Browse the article (https://www.usnews.com/news/business/articles/2015/05/15/why-i-skipped-the-bank-and-took-out-a-loan-from-my-peers) and answer the question.
With P2P, who is bearing the risk of the borrower defaulting on the loan?
The peer who is lending
There is no risk involved
The peer who co-signs
The peer who is borrowing
Browse the article (https://www.usnews.com/news/business/articles/2015/05/15/why-i-skipped-the-bank-and-took-out-a-loan-from-my-peers) and answer the question.
With a traditional bank, who is bearing the risk of the borrower defaulting?
The co-signer
The bank
There is no risk
Borrowers are not able to default
Which perk is most intriguing, to you, when looking into peer-to-peer loan options?
Attractive Interest Rates
Quick Funding Speed
Ability to Tell Your Story
Fewer Fees to Pay
Significantly Cheaper than Credit Cards
