Which is an example of easy-access credit? $3000 monthly line of credit credit card with a $4,000 limit one-week payday loan for $350 $200,000 loan for a home

An example of easy-access credit is a One-week payday loan for $350.

Further Explanation:

Easy-access credit:

The easy-access credit is also known as payday loans. It refers to the short-term loan provided at a high-interest rate. Generally, this loan has a period of 10-20 days and the interest rate ranges from 15-25%.

Justification for the correct and incorrect option:

(a)

$3000 monthly line of a credit card with a $4,000 limit: This is an incorrect option because the credit card is not considered in the category of easy-access credit.

(b.)

One-week payday loan for $350: This is the correct option because it is granted for a small period and the amount of loan is also very low.

(c.)

$200,000 loan for a home: This is an incorrect option because the house loan is taken for a long period.

Thus, the example of easy-access credit is a One-week payday loan for $350.

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Answer details:

Grade: Middle school

Subject: Finance

Chapter: Loans  

Keywords: Which, for example, easy-access credit, monthly, line, of, credit, card, with, limit, one-week, payday, loan, home, short-term.

where are the choices?

no

step-by-step explanation: