39. Residential loans are credit to finance the purchase of a home or fund improvements on a private residence. Nonresidential loans to individuals and families include installment loans and non-installment loans. Short-term to medium-term loans, repayable in two or more consecutive payments (usually monthly or quarterly), are known as installment loans. Installment loans are paid off gradually over time, whereas short-term loans that individuals and families draw upon for immediate cash needs and are repayable in a lump sum at the end of the loan are known as non-installment loans. a. TRUE O b. FALSE Flag