Question

Which of the following is the most common source of financing for personal loans?

A) Family and friends
B) Financial institutions
C) Credit cards
D) Sales finance companies

Answer 1

Financial institutions are the most common source of financing for personal loans.

Step-by-step explanation:

The most common source of financing for personal loans is financial institutions. Financial institutions such as banks and credit unions are established to provide loans to individuals for various purposes, including personal loans. These institutions have the resources and expertise to evaluate the creditworthiness of borrowers and offer competitive interest rates and repayment terms.