Which of the following is an example of a non-installment loan?
A) Credit card
B) 30-year mortgage
C) Bridge loan
D) 5-year auto loan
E) Home equity line of credit

Question

Quizplus · Accepted Answer

ENon-installment loans are those that are borrowed and repaid in a single lump sum, rather than being paid off in a series of regular payments (installments). A bridge loan is a short-term loan used until a person or company secures permanent financing or removes an existing obligation. It bridges the gap during times when financing is needed but not yet available, and it is typically repaid in a lump sum. A home equity line of credit (HELOC) is a revolving line of credit secured by the equity in the borrower's home, which can be drawn upon as needed and is not repaid in fixed installments, making it different from traditional installment loans.

Which of the Following Is an Example of a Non-Installment