1. Characteristics and types of consumer loans 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 - Consumer loans can be part of your credit management program. Ideritify characteristics of a consumer loan in the following list. Check all that appiy. Has a formal, negotiated contract Used to pay for comparatively expensive and infrequent purchases Is informally arranged Used primariy to buy low-cost goods and services on an ongoing basis Types of consumer Loans Select the term associated with consumer loans that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.) Select the term associated with consumer loans that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.)