A single-payment loan
A)is generally unsecured by collateral.
B)usually matures in one year or less.
C)usually matures in five to seven years.
D)is generally used to finance auto purchases.
E)is provided by sales finance companies.

Question

Quizplus · Accepted Answer

A single-payment loan is a type of loan that requires the borrower to repay the entire amount borrowed plus interest in one lump sum payment by a specified date. These loans typically have a short maturity period of one year or less. They may be secured or unsecured, and can be used for a variety of purposes including home repairs, medical bills, or other unexpected expenses.

A Single-Payment Loan