While taking a loan, borrowers look for ____ terms of credit.

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Detailed Solution

While taking a loan, borrowers look for easy terms of credit.
Easy terms of credit enable the borrowers to ensure that their condition does not worsen after taking a loan. The terms of credit include all the details related to the loan, like the rate of interest, repayment schedule, collateral, and other documents required. This is a contract between the lender and borrower that has to be signed before taking out a loan. Any borrower would look for easy terms of credit, which means a lower rate of interest, a flexible repayment schedule, and other flexibilities in the terms. If such terms are not flexible, many borrowers would prefer informal sources of credit, which charge high rates of interest.

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