17
QuizMultiple Choice

The Cost of Credit

Question 17 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

Which is an example of easy-access credit?

Answer
A
$3000 monthly line of credit
B
credit card with a $4,000 limit
C
one-week payday loan for $350
D
$200,000 loan for a home

Explanation

Easy-access credit is typically a small, short-term loan that can be obtained quickly, often with high fees or interest. A one-week payday loan for $350 fits this description. The other choices are larger or ongoing forms of credit, such as a line of credit, credit card, or home loan.

AI-written and checked against the verified answer.

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