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Questions and Answers
Which type of lender is backed by collateral, such as a car or a house?
Which type of lender is backed by collateral, such as a car or a house?
- Commercial Banks (correct)
- Predatory Lenders
- Online Lenders
- Credit Unions
What type of loan is not backed by collateral and typically has higher interest rates?
What type of loan is not backed by collateral and typically has higher interest rates?
- Car Loan
- Mortgage
- Personal Loan
- Credit Cards (correct)
What type of lender connects borrowers with individual lenders through an online platform?
What type of lender connects borrowers with individual lenders through an online platform?
- Credit Unions
- Online Lenders
- Peer to Peer Lending Platforms (correct)
- Commercial Banks
What type of lender charges high interest rates and often takes advantage of vulnerable borrowers?
What type of lender charges high interest rates and often takes advantage of vulnerable borrowers?
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What does APR include when it comes to loans?
What does APR include when it comes to loans?
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