Business, 01.08.2019 15:30 michneidredep7427

Which best describes a way people can use personal loans? a-to buy a house b-to buy a bicycle c-to pay for college d- to pay for groceries

Answers: 2

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Answers

Answer from: sam10146

To pay for groceries

Explanation:

Personal loan is a type of unsecured loan which a person takes to fulfill his basic daily financial needs. And it is quite flexible, means the borrower is free to use as per his/her need. For example, travelling costs, groceries, medical emergencies, home renovation etc.

Answer from: imhereforas

The option D is correct. People can use personal loans to pay for groceries.

Further Explanation:

A personal loan is taken for the personal things which have a short term fund. It can be used to meet the basic financial need of the person. The budget for the personal loan is limited and it is a secured type of loan. The personal loan carries less amount of money, the payment of non-default is very less in this case.

Justification for the correct and incorrect

To buy a house: This option is incorrect.

If a person wants to buy a house, the housing loan can be taken. This option is not correct as the personal loan is not taken for buying a house.

To buy a bicycle: This option is incorrect.

If a person wants to buy a bicycle, a motor loan can be taken. This option is not correct as the personal loan is not taken for buying a bicycle.

To pay for college: This option is incorrect.

If a person wants to pay for college, an educational loan can be taken. This option is not correct as the personal loan is not taken for paying the college.

To pay for groceries: This option is correct.

This option is correct, a personal loan can be taken for payment of grocery. The grocery is personal items.

Learn more:

1.Learn more about loan type

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2.Learn more about lifetime cost

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3.Learn more about collateral security

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Answer details:

Grade: Middle School

Subject: Business

Chapter: Personal loan

Keywords:

describes, people, personal loan, to buy a house, bicycle, pay for college, groceries, short term fund, limited, non-default, and budget.

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Which best describes a way people can use personal loans? a-to buy a house b-to buy a bicycle c-...

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