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Which type of lender offers very short-term loans using a piece of property you own as collateral?A.Credit unionB.Payday lenderC.BankD.Title lender

Question

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Solution

To determine which type of lender offers very short-term loans using a piece of property as collateral, let's analyze the options:

  1. Credit Union: Typically provide a wide range of financial services, including loans, but are not specifically focused on very short-term loans with property as collateral.

  2. Payday Lender: Usually provide fast cash loans but do not generally require collateral, relying instead on the borrower's promise to repay usually by the next payday.

  3. Bank: Traditional banks offer loans but typically involve longer terms and larger amounts, and they usually assess creditworthiness thoroughly.

  4. Title Lender: Specializes in providing very short-term loans by using the borrower's vehicle title as collateral. They often charge high-interest rates and provide quick access to cash.

Based on this analysis, the correct answer is:

Final Answer

D. Title lender

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