Credit Types

A mortgage is:

• A way to buy a car

• A way to pay for Netflix

• A way to buy a house

• A way to pay for school debt

You have a leaking roof and it costs $5,000.00 to repair it. The best type of credit to use is:

• Mortgage

• PayDay Loan

• Line of Credit

I am hoping to go to college but need some additional financial support. I could use a:

• Student Line of Credit

• PayDay Loan

• Borrowing against home equity

If a line of credit has an interest rate of 6.9%, and a personal loan has an interest rate of 8.2%, which should i use to buy a new washer and dryer?

• Line of Credit

• Personal Loan

Rent is due next week and i don't get paid until the week after. What is the best option that will cost you the least amount of interest?

• Borrow money from friend/family in the short term and then pay it back, no interest to pay.

• Take a PayDay loan with a very high interest rate that i can't afford to pay back.

• Don't pay it.

• Take a cash advance from my credit card, with an interest rate of 11.9% on all withdrawals.

A personal loan is:

• Borrowing money to purchase a house specifically.

• Borrow a fixed amount and pay back with interest over time.

• Short term loan with huge interest fee's.

• A loan only for cars.

A mortgage can be:

• Fixed Rate

• Variable Rate

• Paid back over an amortization period.

• All are correct.

Financing a car is:

• Borrowing money to purchase a house specifically.

• Borrow a fixed amount and pay back with interest over time.

• Short term loan with huge interest fee's.

• A loan only for cars.

A PayDay loan is:

• Borrowing money to purchase a house specifically.

• Borrow a fixed amount and pay back with interest over time.

• Short term loan with huge interest fee's.

• A loan only for cars.

A Line of Credit is :

• Borrowing money to purchase a house specifically.

• Borrow a fixed amount and pay back with interest over time.

• Short term loan with huge interest fee's.

• An amount of money you can spend up to and pay back over time. The limit can increase or decrease as needed.