Single Answer MCQ
Q-00045421
What type of loan is typically used for short-term needs and often has higher interest rates?
1
Home loans
2
Personal loans
3
Auto loans
4
Mortgage loans
Answer and Solution
Answer
B. Personal loans
Solution:
Personal loans are often used for short-term financial needs and typically have higher interest rates compared to loans with secured collateral, such as mortgages or auto loans.
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