Short-Term Loans Generally Are Obtained Faster Than Long-Term Loans Because

question 135

True/False

Short-term loans generally are obtained faster than long-term loans because when lenders consider long-term loans they insist on a more thorough evaluation of the borrower's financial health and because the loan agreement is more complex.

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Definitions:

Social Influence

The area of social psychology that studies the ways in which people influence the thoughts, feelings, and behavior of others.

Pressure to Conform

The social influence that encourages individuals to align their behavior or beliefs with those of a group.

Escalated Budget

A financial plan that has increased in size, scope, or total cost, often due to changing circumstances or unexpected expenses.

Group Effect

The influence that a group has on individual behavior, leading to changes in attitudes, values, or behaviors due to group dynamics.