Question

Which is an example of easy-access credit ?

1 $3000 monthly line of credit
2 credit card with $4,000 limit
3 one-week payday loan for $350
4 $200,000 loan for a home

Answer 1

3 one week payday loan for 350

Answer 2

One-week payday loan for $350 is an example of an easy-access credit. An easy-access credit is a short-term loan that has a very high amount of interest tacked on to it. Since this loan is a one-week payday loan, this is the shortest loan term out of the choices.