The Following are correctly matched with their description:
- Consumer Finance Company: typically provides credit for purchasing items on an installment basis. Consumer finance companies are recognized and defined by their operations, which include lending money to customers largely for personal purposes. state small-loan regulations.
- Credit union: provides credit only to the organization’s members. A credit union is a non-profit financial organization that is owned by the clients it serves.
- Bank: provides credit for a wide variety of purposes and periods of time. A person or corporation can borrow a certain amount of money from a bank, which is known as bank credit. Credit may be secured or unsecured from a bank.
- Payday lender: offers short-term credit at very high-interest rates. A payday lender is a business that makes short-term, small-dollar loans with an extremely high-interest rate.
Why is it called a payday loan?
When a borrower takes out a payday loan, the phrase "payday" refers to the situation where they write the lender a postdated check for their payday wage and then give them some cash in exchange.
Thus, the mentioned above are corrrectly matched with its descriptions.
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