There are options when it comes to paying back your loan, like scheduling payments with AutoPay or through a banking app. When repayment becomes a challenge, there are other solutions available such as refinancing, loan modification, and debt consolidation.
Watch the video to learn all about Repaying Loans, then test your knowledge at the end of the lesson.
Minimum payments on adjustable-rate and hybrid loans can change.
A. True
B. False
Which of the following is not considered a special way to repay a loan?
A. Refinancing
B. Loan modification
C. Pre-approval
D. Debt consolidation
If you struggle to make payments and are at risk of defaulting on your loan, you should:
A. Contact the loan servicer immediately
B. Stop making payments immediately
C. Change the information on the account
D. Contact one of the major credit bureaus