Test your knowledge

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What are some things that a payday lender could do if you did not pay back a payday loan you took out?

Choose wisely. There is only one correct answer.

Turn your loan over to a debt collector

Sue you

Repossess your property that you put up as collateral

All of the above

All of the above. All of these are possibilities.

A payday lender does not legally have to identify the fees charged to your payday loan.

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True

False

False. By law, a lender must spell out all fees to you in your contract.

If you put up your car as collateral for a car title loan, what happens to your car if you pay the loan back?

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The lender can still keep the car

You retain ownership of your car

Nothing

None of the above

You retain ownership of your car. As long as you pay the loan back, you legally must get your car back.

Which of these lenders requires little or no credit check when loaning money to a borrower?

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Payday lender

Bank

P2P lender

Payday lender. Payday loans are fast and usually don't require a credit check.

What do borrowers use payday loans for?

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Medical emergencies

Regular bills

As an alternative to other loans

All of the above

All of the above. People take out payday loans for many different reasons.

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