Answered

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Which of the following is a long-term personal loan that provides the entire loan amount beforehand and requires regular repayments for a fixed period?

A. A deposit advance
B. An installment loan
C. A line of credit
D. A payday loan

Sagot :

GinnyAnswer

Final answer:

An installment loan offers the entire loan amount upfront with regular repayments for a fixed period, unlike short-term loans like payday loans.


Explanation:

An installment loan is a long-term personal loan where the entire loan amount is provided upfront, and regular repayments are required for a fixed period of time. This type of loan is commonly used for large purchases like cars or homes.

Unlike payday loans or deposit advances that are typically short-term and have higher interest rates, an installment loan allows borrowers to make equal payments over a specified period until the loan is fully repaid.

When considering loans, it's important to understand the terms and obligations attached to each type in order to make informed financial decisions.


Learn more about installment loans here:

https://brainly.com/question/51344269


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