True. The required answer for the given statement is True about sell and lend on credit.
Installment credit, lines of credit, and unsecured credit are the three primary categories of credit. These are all financed through various borrowing and repayment structures. Installment credit is a sort of loan where you take out a single lump sum and pay it back over the course of a specific period of time with interest in regular set payments, or instalments.
With open credit, monthly payments are flexible and the entire debt is payable at the end of the each billing cycle. The amount owing on your power bill is determined on how much energy you used that month, making it a fantastic illustration of open credit.
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