Respuesta :
A payday loan is a type of single payment loan that comes under the short-term loan category. Thus, option A. is correct.
What is a loan?
A loan is a lending of money from one person to another, or from a financial institution to an individual or business. It is the advancement of certain sum of money for a specified period of time. The total amount of loan attaches certain percentage of interest that is to be charged for the period until the loan is taken.
The payday loan is a type of that is taken for a single payment basis. It is a type of short term loan for which the sum of money is extremely small that is to be paid completely within one night or taken for a single day. These type of loan amount cannot be paid in installments due to its nature.
Therefore, option A. single payment loan is correct.
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