If you borrow money on a single-payment loan and discover that you cannot pay it back when it is due, you should:
A) purchase a credit card.
B) unsecure the loan.
C) pay a prepayment penalty.
D) negotiate a rollover.
E) file for bankruptcy.

Question

Quizplus · Accepted Answer

Negotiating a rollover allows you to extend the loan due date and pay additional fees without defaulting on the loan. This can provide temporary relief and more time to repay the loan. However, keep in mind that rollovers come with additional fees and higher interest rates, which can make the loan even more expensive in the long run. It is important to have a plan in place for repaying the loan before agreeing to a rollover.

If You Borrow Money on a Single-Payment Loan and Discover