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Exam CRCM topic 1 question 27 discussion

Actual exam question from ABA's CRCM
Question #: 27
Topic #: 1
[All CRCM Questions]

Below mentioned list shows the significant risks of _______________.
Borrowers with cash-flow difficulties
Borrowers with no lower-cost credit alternatives
Minimal analysis of borrower's ability to repay the loan
Minimal review of borrower's credit history

Credit is usually unsecured -

  • A. Payday lending
  • B. Loan flipping
  • C. Equity stripping
  • D. None of these
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Suggested Answer: A 🗳️
by JessyJazz24 at Oct. 4, 2023, 10:59 p.m.

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Cam22
4 months ago
The characteristics listed—borrowers with cash-flow difficulties, those without lower-cost credit alternatives, minimal analysis of the borrower's ability to repay the loan, minimal review of the borrower's credit history, and credit being usually unsecured—are indicative of payday lending. Payday loans are typically short-term, high-cost loans designed for people who need cash quickly and have few other credit options, often leading to a cycle of debt.
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JessyJazz24
9 months, 2 weeks ago
Selected Answer: A
The payments will gratuely comes on time
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