An important consideration regarding applying for a loan is that
A)you may not have a good credit rating unless you have borrowed before.
B)it would be better to simply increase your credit card limit than take out a loan.
C)a longer term is preferred because of the smaller payments.
D)it lets you purchase items now,rather than later,without affecting your budget.

Question

Quizplus · Accepted Answer

Having a history of borrowing and repaying loans on time can help establish a good credit rating, which is crucial for loan approval. Options B, C, and D overlook important factors like interest rates, financial planning, and the impact on one's budget.

An Important Consideration Regarding Applying for a Loan Is That