Types Of Loans Question Preview (ID: 20299)


Types Of Loans. TEACHERS: click here for quick copy question ID numbers.

Certain types of loans should be avoided
a) Payday loans
b) Car loans
c) Open-ended loans
d) Conventional Loans

Cannot be borrowed once they've been repaid. Common types of closed-ended loans include mortgage loans, auto loans, and student loans.
a) Open-ended loans
b) Closed-ended loans
c) Secured loans
d) Unsecured loans

are short-term loans borrowed using your next paycheck as guarantee for the loan. Payday loans have notoriously high annual percentage rates (APRs) and can be difficult to pay off
a) Open-ended loans
b) Secured loans
c) Payday loans
d) Car loans

are loans that rely on an asset as collateral for the loan.Interests rates for secured loans may be lower . Examples Car Loan, house.
a) Secured loans
b) Open-ended loans
c) Unsecured loans
d) Payday loans

are loans that you can borrow over and over. Credit cards and lines of credit are the most common types of open-ended loans
a) Secured loans
b) Unsecured loans
c) Closed-ended loans
d) Open-ended loans

Make payments on time,Good Job history,Open a Savings account and make regular deposits.
a) Unsecured loans
b) How to build a credit History Score
c) Certain types of loans should be avoided
d) Open-ended loans

don't have asset for collateral. These loans may be more difficult to get and have higher interest rates.
a) Open-ended loans
b) Closed-ended loans
c) Unsecured loans
d) Payday

Closed-ended loans
a) Certain types of loans should be avoided
b) How to build a credit History Score
c) Credit cards and lines of credit are example of which type of loan
d) mortgage loans, auto loans, and student loans. are example of which type of loan

Open-ended loans
a) mortgage loans, auto loans, and student loans. are example of which type of loan
b) Certain types of loans should be avoided
c) Credit cards and lines of credit are example of which type of loan
d) mortgage loans, auto loans, and student loans. are example of which type of loan

What does APR stand for
a) The annual percentage rate (APR)
b) there are state usury laws.
c) Character
d) Financial plans

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