Answer:
Installment loan - The borrower can purchase an item and repay the credit by making regular fixed payments.
Credit card - A borrower does not pay any interest if the credit amount is repaid before the next billing cycle.
Title loan - Borrowers have to put up the purchased item as collateral.
Explanation:
An Installment loan is characterized as the loan agreement in which the amount is repaid over time with regularly scheduled payments. It allows the customers to purchase a bigger item by paying small amounts in installments.
A Credit card is a facility that allows the users to buy goods or pay for services and need not pay any extra charges if the amount of credit is repaid prior to the next cycle of billing. If not, the customer would be bound to pay extra charges as implied by the bank.
A Title loan is elucidated as the loan in which an asset is kept as collateral. The key benefit of such loans is that it is not affected by the applicant's credit rating and can be approved in minimal time. These loans are often preferred to cope with urgent cash requirements or financial difficulties.
Step-by-step explanation: