Which source of consumer loans often has the most favorable terms?
A) Commercial banks
B) Credit unions
C) Consumer finance companies
D) Savings and loan associations
E) None of the above

Question

Quizplus · Accepted Answer

Credit unions are member-owned financial institutions that offer loans with favorable terms and lower interest rates compared to other sources of consumer loans. Their mission is to enhance the financial well-being of their members, so they often offer loans with flexible repayment terms, lower fees, and lower interest rates. As a result, credit unions are typically considered the best choice for borrowers seeking consumer loans.

Which Source of Consumer Loans Often Has the Most Favorable