Identify characteristics of a consumer loan in the following list. Check all that apply.

Has a formal, negotiated contract

Is informally arranged

Used to pay for comparatively expensive and infrequent purchases

Can be used repeatedly as long as it is not canceled

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.$)$