A prearranged loan for a specified amount that a consumer can use by writing a special check is known as

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The prearranged loan for a specified amount that a consumer can use by writing a special check is known as revolving check credit. This type of credit provides the convenience of a checking account while also allowing the borrower to access a line of credit for unexpected expenses or emergencies. Option A refers to the use of a credit card issued by a bank, while option C refers to a type of credit that involves equal repayments at regular intervals. Option D refers to a one-time loan that must be repaid in full by a fixed date, while option E refers to a loan where the borrower receives a lump sum of money and repays it over a fixed term with interest.

A Prearranged Loan for a Specified Amount That a Consumer