Which payment method typically charges the highest interest rates?
A) Credit cards
B) Payday loans
C) Cashier's checks
D) Pre-paid cards
Answers
Answered by
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The correct answer is option B) Payday loans.
Reasons : -
Both Credit cards and Payday loans payment methods typically charges the highest interest rates. When compared Payday loans seems to charge a little bit higher interest rates than Credit Cards interestrates.
Reasons : -
Both Credit cards and Payday loans payment methods typically charges the highest interest rates. When compared Payday loans seems to charge a little bit higher interest rates than Credit Cards interestrates.
Answered by
0
The payday loan payment method charges the highest rate of interest.
Option: B
Explanation:
- The payday loan is a short term loan and these are unsecured loans and the lender charges high-interest credit that is based on the income and the credit taken by the borrower.
- These are also called cash advances or check advance loans. Payday loan’s principal is typically a portion of a borrower’s next paycheck.
- For short term credit required immediately, these payday loans charge a high rate of interest.
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