Maura had to get $350 emergency loan at a very high interest rate to pay for dental work. The the lender did not need her credit history. If she does not pay back the loan within 3 weeks , she will have to pay an extra 50. Raina says the loan is an example of easy access credit hold Maura says it is an example of open end credit . Which statement about the loan is correct
A: Raina is correct because the loan is a line of credit
B: Maura is correct because the loan has an interest rate
C: Raina is correct because the loan has a large fee if it is not repaid on time
D: Maura is correct because the loan does not have an annual fee
I'd say Raina is correct, because loans are indeed easy acess, but you'll have to pay it back in certain period of time, otherwise fees can increase a lot.
