Choose wisely. There is only one correct answer to each question.
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1.
To qualify for a payday loan, what must your income be?
There is no minimum. You just need to earn sufficient money to cover the loan.
2.
What do borrowers use payday loans for?
All of the above. People take out payday loans for many different reasons.
3.
What is a typical fee on a payday loan?
15%. Fee rates range from 15-20% of the amount borrowed.
4.
If you put up a guitar at a pawnshop in return for a loan, what usually happens if you can't pay the loan back?
The pawnshop can keep the guitar. This is the general rule for how these loans work.
5.
If you are behind on a non-payday loan, why should you talk with the creditors about it?
They would rather work with you than have to sell your loan to a debt collector. If they sell your loan to a debt collector, they will get very little for it. They WANT to work with you rather than see that happen.