Which is the biggest difference between an installment loan and revolving credit?
(1 point)
Installment loans can be either unsecured or secured.
Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.
Qualification for revolving credit does not require credit scores and credit reports.
Revolving credit is always unsecured.
The correct answer is:
Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.