which describes the difference between a personal loan and a credit card?\ncredit cards offer lump sums of…

which describes the difference between a personal loan and a credit card?\ncredit cards offer lump sums of money, while personal loans set a maximum amount a person can borrow.\ncredit cards are secured loans for large amounts, while personal loans are unsecured for small purchases.\npersonal loans offer lump sums of money, while credit cards set a maximum amount a person can borrow.\npersonal loans are secured for small purchases, while credit cards are unsecured loans for large amounts.

which describes the difference between a personal loan and a credit card?\ncredit cards offer lump sums of money, while personal loans set a maximum amount a person can borrow.\ncredit cards are secured loans for large amounts, while personal loans are unsecured for small purchases.\npersonal loans offer lump sums of money, while credit cards set a maximum amount a person can borrow.\npersonal loans are secured for small purchases, while credit cards are unsecured loans for large amounts.

Answer

Brief Explanations:

A personal loan provides a borrower with a lump - sum amount of money that is repaid over a fixed period with set payments. A credit card sets a maximum credit limit that a person can borrow against, and they can make multiple purchases up to that limit and pay back in varying amounts over time.

Answer:

Personal loans offer lump sums of money, while credit cards set a maximum amount a person can borrow.