Consumer Financial Protection Bureau Personal installment loans are closed-end loans, meaning that the lender gives you all of the money at the beginning. You must generally pay it back in a set of fixed amounts over a specific period of time. The payments are generally the same throughout the length of the loan. Interest rates for personal loans can either be fixed or adjustable. Falling to make your payments on time can have a significant impact on your credit scores and report. What is a Personal Installment Loan?" Consumer Financial Protection Bureau Based on the texts, which statement accurately compares payday loans and personal loans?
O A. Both have only a limited impact on credit scores.
O B. Both give the borrower the option of adjustable interest rates.
O C. Both give the borrower the full amount at the time of the loan.
O D. Both have exceptionally high interest rates.