Which of the following statements regarding single-payment loans is true?
A) They are generally unsecured and do not have any collateral.
B) They usually mature in 1 year or less.
C) They are usually provided by retailers.
D) They are generally used to finance auto purchases.
E) They are provided by sales finance companies.

Question

Quizplus · Accepted Answer

Single-payment loans are typically short-term loans that mature in 1 year or less. They are not necessarily unsecured, and may have collateral. They can be provided by various types of lenders including retailers, sales finance companies, and even banks. While they may be used to finance auto purchases, they are not limited to this purpose.

Which of the Following Statements Regarding Single-Payment Loans Is True