QAEconomics › Which are considered types of credit available to borrowers? Check all that apply.
Q

Which are considered types of credit available to borrowers? Check all that apply.

a. bonds

b. credit cards

c. mortgages

d. cash

e. auto loans

f. gift cards

g. personal loans

A

Answer: Personal loans, Credit Cards, Mortgages, and Auto Loans

Personal Loans are taken by a borrower. The borrower regularly pays this loan between 2-5 years on installment but in fixed amounts.

Credit Cards are cards given to a holder that permits the holder to purchase goods and services on the agreement that the holder will pay the issuer later.

Mortgages are secured loans taken by individuals. The assets purchased are fixed and are registered as the property of the borrower. However, they can be seized by the lender if the borrower doesn’t meet certain agreements.

Auto loans are given to individuals to purchase vehicles. Here, the borrower will only pay for the real purchasing price and the interests agreed.

3 years ago
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