Consumers borrow money to pay for a wide variety of purchases ranging from houses to hotdogs.
To accommodate these various consumer needs, there are many types of loans with differing rates, terms, fees, obligations and restrictions. The Virginia Department of Agriculture and Consumer Services' Office of Consumer Affairs recommends that borrowers review the myriad of options for loans and the total cost of each before deciding which will work best. The Office also suggests that consumers investigate the protections provided by law for borrowers. True False 1. When consumers apply for personal loans and use their homes to guarantee repayment, they have three days to reconsider a signed credit agreement and cancel the deal without penalty.