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1.
How might a payday loan affect your credit report?
Choose wisely. There is only one correct answer.
All of the above. The big three credit reporting agencies don't put payday loans on your report, but there are other ways that the loan activity could show up on your report.
2.
The interest rates on payday loans are _______.
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Higher than those of banks or credit unions. Interest rates on payday loans are generally much higher than those of other loans.
3.
How soon after receiving your funds from a payday loan can you spend the money?
Choose wisely. There is only one correct answer.
Right away. You may spend the money as soon as you want.
4.
A payday loan is designed to _______.
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Tide you over until your next paycheck. A payday loan is set up to pay short-term bills and to be repaid with your next paycheck.
5.
If you roll over a payday loan three times, you will be charged a new fee each time.
Choose wisely. There is only one correct answer.
True. You will be charged a new fee for each rollover.