1. Characteristics and types of consumer loans Aa Aa Credit can be great to have. In some situations, having credit can even help you achieve some financial goals, but only as long as you management program. . Consumer loans can be part of your credit identify characteristics of a consumer loan in the following list. Check all that apply. Used for a one-time transaction for a specific purpose Has no specified repayment plan except periodically due minimum payments Has a formal, negotiated contract Can be used repeatedly as long as it is not canceled Used primarily to buy low-cost goods and services on an ongoing basis Is informally arranged Types of Consumer Loans Types of Consumer Loans Identify each loan on the left by typing in the Answer column the letter of the description on the right that best fits it. Each loan has only one possible answer Loan Answer Description Used for nondurable expenditures and often granted based on a borrower's promise to repay the loan rather than using a specific asset as collateral to secure it Auto loans A. L Loans to students for undergraduate or graduate studies varied loan terms, depending on the type of asset purchased, such as home entertainment systems or boats Loans for other durable goods B. Education loans c. D. Available for a child's undergraduate college studies, up to Personal loans the full cost of attendance, with no specific dollar limit Consolidation loans E. Borrowing from one source to pay other creditors Loan for a car, truck, or minivan or an SUV Parent loans F