Question
Which is the biggest difference between an installment loan and revolving credit?
(1 point)
Responses
Installment loans can be either unsecured or secured.
Installment loans can be either unsecured or secured.
Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.
Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.
Qualification for revolving credit does not require credit scores and credit reports.
Qualification for revolving credit does not require credit scores and credit reports.
Revolving credit is always unsecured.
(1 point)
Responses
Installment loans can be either unsecured or secured.
Installment loans can be either unsecured or secured.
Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.
Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.
Qualification for revolving credit does not require credit scores and credit reports.
Qualification for revolving credit does not require credit scores and credit reports.
Revolving credit is always unsecured.
Answers
GPT-4o mini
The biggest difference between an installment loan and revolving credit is:
**Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.**
**Installment loans have a fixed term and monthly payment, revolving credit is a credit line that is paid off and used again.**