Question

Which of the following types of credits would best describes home equity loans? a. closed and secured b. closed and unsecured c. open and secured d. open and unsecured​

Answer 1

Answer:

• a. closed and secured

Step-by-step explanation:

This type is usual for home or car loans

• Closed-end secured loans are loans backed by collateral—usually an asset like a home or a car—that can be used as payment to the lender if you don't pay back the loan.
• Secured loans offer faster approval.
• Loan terms for unsecured loans are generally shorter

Answer 2

The following types of credits that would best describes home equity loans is:  a. closed and secured.

What is home equity loans?

An home equity loans is a type of loan given to a person in which their assets tend to serve as a collateral incase they did not pay the amount lend to them.

Home equity loan is a closed-end secured loans because when the borrower fails to payback or unable to payback the lender their assets such as property or car will be use to repay the lender.

Inconclusion the types of credits that would best describes home equity loans is:  a. closed and secured.

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