What are the advantages of following a strict repayment schedule? Check all that apply.

It eliminates the need for secured credit.

It prevents additional fees from being charged.

It guarantees the borrower possible new loans.

It prevents some interest rate increases.

It shows that the borrower is responsible.

Question

Adelaide

Business

12 July, 20:21

What are the advantages of following a strict repayment schedule? Check all that apply.

It eliminates the need for secured credit.

It prevents additional fees from being charged.

It guarantees the borrower possible new loans.

It prevents some interest rate increases.

It shows that the borrower is responsible.

+2

Answers (2)

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Nolan Mullen · Answer 1

Following a strict repayment schedule prevents additional fees from being charged, prevents some interest rates increases and most importantly, it shows that the borrower is responsible.

Caprice · Answer 2

Correct answers should be It prevents additional fees from being charged, It prevents some interest rate increases, It shows that the borrower is responsible.

A new loan is not guaranteed but it will certainly happen much more likely. If it was guaranteed you would then be able to take whatever kind of loan you want and that's not a possibility. Also, it doesn't eliminate the need because often secured credits are mandatory according to country legislation.