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Questions and Answers
What is the main purpose of a consumer loan?
What is the main purpose of a consumer loan?
- To buy a brand-new car (correct)
- To start a business
- To have a business expansion
- To open a small cafeteria
What is the main purpose of a business loan?
What is the main purpose of a business loan?
- To have a business expansion (correct)
- To open a small cafeteria
- To buy a brand-new car
- To lend money to individuals
What is collateral in the context of loans?
What is collateral in the context of loans?
- The type of loan (consumer or business)
- Assets used to secure the loan (correct)
- The interest rate on the loan
- A person's monthly income
In which loan type, both consumer and business loans, might require a collateral?
In which loan type, both consumer and business loans, might require a collateral?
What is the term of the loan?
What is the term of the loan?
Which type of loan is specifically for personal or family purposes?
Which type of loan is specifically for personal or family purposes?
Which of the following is a requirement for a consumer loan?
Which of the following is a requirement for a consumer loan?
What is typically used as collateral for both consumer and business loans?
What is typically used as collateral for both consumer and business loans?
What type of loan typically has a higher interest rate?
What type of loan typically has a higher interest rate?
In which scenario is a business loan being sought?
In which scenario is a business loan being sought?
Which type of loan requires the lendee to submit a credit report and income tax returns?
Which type of loan requires the lendee to submit a credit report and income tax returns?
What is the term for the method of paying a loan (principal and interest) on installment basis?
What is the term for the method of paying a loan (principal and interest) on installment basis?
What is defined as assets used to secure the loan?
What is defined as assets used to secure the loan?
What is a mortgage on a movable property called?
What is a mortgage on a movable property called?
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