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Which types of lending institutions are being described here?

______ offer short-term credit at very high interest rates, while ________typically provide credit for purchasing items on an installment basis.

First blank options:

1. Payday Lenders
2. Credit Unions
3. Banks

Second blank options:

1. Consumer finance companies
2. Banks
3. Credit Unions

Respuesta :

Answer:

Payday Lenders.

Banks.

Step-by-step explanation:

Payday Lenders offer short-term credit at very high interest rates, while Banks typically provide credit for purchasing items on an installment basis.

A payday loan is a small loan/short-term which has high interest rate.

On the other hand, banks lender money for purchase things through credit cards, where you will pay on an installment basis, slowly, with lower interests.

Therefore, the right answers are Payday Lenders and Banks.

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