Test: The Loan Quiz
Description: What do you know about Loans? Find out!
Keywords: loans, mortgages, payday loans, student loans
A credit card acts as an ____________ for a consumer.
Line of Credit
This type of loan is used for the purchase of housing
Payday loans have a ______ default rate
When a debtor has not met his or her legal obligations according to the debt contract, this is referred to as an
Chapter 12 bankruptcy in the USA refers to:
rehabilitation for family farmers and fishermen
rehabilitation with a payment plan for individuals with a regular source of income
basic liquidation for individuals and businesses
Student Loans outstanding in the USA total over ____ in debt.
Microcredit is a financial innovation that is generally considered to have originated with the __________
Punjab National Bank
The most widely known credit score in the USA is:
A secured loan is a loan in which the borrower pledges some asset as collateral for the loan.
In the USA, A loan is considered part of the gross income of the borrower.