What type of credit requires full payment upon the completion of services rendered?

The correct answer is service credit. This type of credit involves agreements where payment is made in full once the service has been completed. The service provider essentially extends the ability for the consumer to use their services without immediate payment, allowing for the completion of the service before any financial transaction occurs.

Examples of service credit include situations where a consumer receives a service such as repairs, medical procedures, or personal grooming, and is required to pay the entire bill once the service is delivered. This contrasts with other forms of credit, such as revolving credit, where consumers can carry a balance over time; single payment loans, where a loan is taken out with the agreement to pay it back in one lump sum; or installment credit, where payments are made in fixed installments over a set period. In those cases, the payment structure does not require immediate payment upon service completion but rather spreads the payments out over time or allows ongoing borrowing up to a limit.