Explanation:
Lenders always accept applications for credit.
False. Lenders analyze the client's ability to make the payment, noting some variables such as income, past payments, etc. This way, not everyone can get credit.
Credit cards all use the same interest and finance charges.
True. A credit purchase tends to cost more than paying cash. This is because credit purchases affect the amount of interest, increasing the value of the product.
Credit cards all use the same interest and finance charges.
False. Interest and finance charges depend on several variables. It depends on the customer and their financial history, ie the risk factor, their income etc. In addition, there are differences in interest charged by the different institutions.
One advantage of credit is that it can give you a “float” time between buying the product and when you need to pay for it.
True. The credit increases the time to make the payment. Thus, the payment is not made at the time of purchase, making it an advantage for those who want to make a purchase and has no resources at that time.
