Which of the following statements regarding a consumer loan is true?
A)A consumer loan is used chiefly to make repeated purchases of relatively low-cost goods and services.
B)A consumer loan results from a rather informal process and involves no negotiated contracts.
C)A consumer loan provides credit cards and checks to the consumers.
D)A consumer loan provides revolving credit to the consumers.
E)A consumer loan is used to finance the purchase of very expensive items.

Question

Quizplus · Accepted Answer

A consumer loan is typically used to finance the purchase of expensive items, such as cars or home appliances, rather than for repeated purchases of low-cost goods or revolving credit.

Which of the Following Statements Regarding a Consumer Loan Is