Identify characteristics of a consumer loan in the following list. Check all that apply.

Has no specified repayment plan except periodically due minimum payments Is informally arranged

Used to pay for comparatively expensive and infrequent purchases

Can be used repeatedly as long as it is not canceled

Has a formal, negotiated contract Used for a one-time transaction for a specific purpose

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4 May, 06:08

Identify characteristics of a consumer loan in the following list. Check all that apply.

Has no specified repayment plan except periodically due minimum payments Is informally arranged

Used to pay for comparatively expensive and infrequent purchases

Can be used repeatedly as long as it is not canceled

Has a formal, negotiated contract Used for a one-time transaction for a specific purpose

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Esperanza Downs · Answer 1

Has a formal, negotiated contract Used for a one-time transaction for a specific purpose

Explanation:

A consumer loan is when a person borrows money to form a lender that may be secured or unsecured and they include any types of the mortgages, the refinances, home equity lines of credit, and the credit cards. Along with auto loans and the home loans and personal loans. As they are a type of the installments they can be negotiated and used for a one-time basis and for a specific purpose.