If you do not pay back any of the loan amount for a portion of the loan period but are not defaulting on the loan, you have a(n):
Understand the Problem
The question is asking about a specific type of loan where you do not repay any amount for part of the loan period without being considered in default. It seems to be a multiple choice question regarding various types of loans.
Answer
Deferred payment loan.
The correct term for not paying back any of the loan amount for a portion of the loan period without defaulting is a 'deferred payment loan.'
Answer for screen readers
The correct term for not paying back any of the loan amount for a portion of the loan period without defaulting is a 'deferred payment loan.'
More Information
A deferred payment loan allows the borrower to not make payments for a specified period without being considered in default. This type of loan is useful during times when the borrower expects their financial situation to improve.
Tips
A common mistake is confusing deferred payment loans with grace periods or other types of loans. Always check the terms of the loan.
Sources
- Brainly - brainly.com
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