Answers 2027 Ignite Financial Literacy-Personal Finance - EL3403 Mortgages and Home Ownership — Unit testQuestion 13

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Mortgages and Home Ownership — Unit test

Question 13 of 13 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

Which describes the difference between a personal loan and a credit card?

Answer

A

Credit cards offer lump sums of money, while personal loans set a maximum amount a person can borrow.

B

Credit cards are secured loans for large amounts, while personal loans are unsecured for small purchases.

C

Personal loans offer lump sums of money, while credit cards set a maximum amount a person can borrow.

D

Personal loans are secured for small purchases, while credit cards are unsecured loans for large amounts.

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