Which of the following lenders is most likely to be sympathetic about legitimate payment problems?
A) Credit union
B) Payday advance company
C) Finance company
D) Department store
E) Commercial bank

Question

Quizplus · Accepted Answer

Credit unions are not-for-profit financial institutions, meaning they exist to serve their members and not to make a profit. As a result, they may be more willing to work with borrowers who are experiencing legitimate payment problems. They may offer more flexible repayment options, lower interest rates, and other forms of assistance to help their members avoid defaulting on their loans. In contrast, payday advance companies and finance companies often charge high interest rates and fees, making it difficult for borrowers to repay their loans. Department stores and commercial banks may also be less sympathetic to payment problems, as they are more focused on making a profit from their lending activities.

Which of the Following Lenders Is Most Likely to Be