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Personal Finance Courses: Predatory Lending

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1.
How long do most payday loans last?
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Two weeks. Most payday loans last about the length of a pay period, which is two weeks.
2.
To qualify for a payday loan, what must your income be?
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There is no minimum. You just need to earn sufficient money to cover the loan.
3.
If you roll over a payday loan three times, you will be charged a new fee each time.
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True. You will be charged a new fee for each rollover.
4.
Predatory lending can occur with which of the following?
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All of the above. All of these and many more can be involved in predatory lending. You should evaluate all of them carefully.
5.
If you are behind on a non-payday loan, why should you talk with the creditors about it?
Choose wisely. There is only one correct answer.
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.