Knowee
Questions
Features
Study Tools

What is one key difference between payday loans and title loans?A.Title loans are offered to people with good credit.B.Title loans are long-term loans.C.Title loans require collateral.D.Title loans require people to have a job.SUBMITarrow_backPREVIOUS

Question

What is one key difference between payday loans and title loans?A.Title loans are offered to people with good credit.B.Title loans are long-term loans.C.Title loans require collateral.D.Title loans require people to have a job.SUBMITarrow_backPREVIOUS

🧐 Not the exact question you are looking for?Go ask a question

Solution

One key difference between payday loans and title loans is that title loans require collateral. This means that in order to receive a title loan, the borrower must provide an asset (like a car) as a guarantee that they will repay the loan. If they fail to repay the loan, the lender can take possession of the asset. On the other hand, payday loans do not require collateral.

Similar Questions

Which type of lender offers very short-term loans using a piece of property you own as collateral?A.Credit unionB.Payday lenderC.BankD.Title lender

What is the biggest difference between morning and evening types?Group of answer choicesEvening types go to bed and wake up 2 to 3 hours after morning types.Morning types do not use alarm clocks.Morning types are less intelligent.Evening types prefer activity in the afternoon.

What is the biggest difference between morning and evening types?Group of answer choicesMorning types do not use alarm clocks.Evening types go to bed and wake up 2 to 3 hours after morning types.Morning types are less intelligent.Evening types prefer activity in the afternoon.

One advantage of a long-term loan compared to a short-term loan is that a long-term loan:A.allows a person to borrow more money at a lower interest rate.B.does not require the borrower to have a good credit score.C.does not force the borrower to make payments every month.D.can be paid off in full without the borrower paying any interest.

One advantage of a short-term loan compared to a long-term loan is that a short-term loan:A.accumulates less total interest than a long-term loan.B.has a lower interest rate than a long-term loan.C.can be taken out from institutions other than banks.D.does not require the borrower to have a good credit score

1/1

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.