Which of the following statements regarding a consumer loan is true?
A) A consumer loan is used chiefly to make repeated purchases of relatively low-cost goods and services.
B) A consumer loan results from a rather informal process and involves no negotiated contracts.
C) A consumer loan provides credit cards and checks to the consumers.
D) A consumer loan provides revolving credit to the consumers.
E) A consumer loan is used mainly to borrow money to pay for big-ticket items.

Question

Quizplus · Accepted Answer

A consumer loan is typically used to borrow money to pay for big-ticket items such as a car, home renovation or education expenses.

Which of the Following Statements Regarding a Consumer Loan Is