What is a peer-to-peer loan?
a loan from one entity electronically matched to another entity without a financial institution in the middle
im going to put all of the answers for this test but not the questions, jus the question number its the credit and borrowing unit test, the question above is the first one so im starting on 2 down here
2 - a payday loan
3 - an unsecured installment loan
4 - It decreases your monthly expenses, giving you more money to spend on other things.
5 - Determine or estimate the current value of everything you own.
6 - Their ability to repay a loan
7 - your prior record of paying your bills and paying off your debts
8 - your age and gender
9 - You can request one online or over the phone.
10 - He should contact the credit bureau that issued the credit report, the companies that issued the seven fraudulent cards, his local police, and the federal government at identitytheft.gov.
11 - (multi-select) the lender that provided the incorrect information AND the credit bureau that prepared the report
12 - right away
13 - both Chapter 7 and Chapter 13 bankruptcy
14 - She won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
15 - payment history
16 - You must pay the balance in full before the grace period ends if you want to avoid paying interest
17 - The longer the term, the more you will pay in interest.
18 - It will cost you less money overall.
19 - It is a percentage of the amount of the principal you have not yet paid back.
20 - You will save money if you pay the balance off quickly.
credit goes to the bot on this website and the person who made it, they gave me most of the correct answers so im making it easier for you (but also the bot got 3 wrong so dw i corrected those)