If You Were Taking Out a Personal Loan,the Highest Rate

question 77

Multiple Choice

If you were taking out a personal loan,the highest rate would probably be charged by a

• A)commercial bank.
• B)finance company.
• C)caisse populaire.
• D)credit union.

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Definitions:

Extend Credit

The provision of goods or services with the expectation that payment will be made in the future.

Creditworthiness

An assessment of the likelihood that a borrower can repay a loan or meet financial obligations.

Collection Agency

A business that pursues payments of debts owed by individuals or businesses.

Collection Practices

Strategies and procedures that businesses and organizations use to manage and recover overdue accounts receivable or debts.