Test your knowledge

Choose wisely. There is only one correct answer to each question.

Keep studying!

Review your answers below to learn more.

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

Choose wisely. There is only one correct answer.

True

False

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

How soon after receiving your funds from a payday loan can you spend the money?

Choose wisely. There is only one correct answer.

One week

You must wait until the next morning

You must wait 24 hours for the application to clear

Right away

Right away. You may spend the money as soon as you want.

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

Choose wisely. There is only one correct answer.

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.

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.

As far as loans go, payday loans are generally small.

Choose wisely. There is only one correct answer.

True

False

True. Payday loans are usually $500 or less, making them small.

© Copyright 2024 Precision Information, publisher of the Financial Fitness Group family of products. The trade name Financial Fitness Group and the trademarks Financial Fitness CENTER™, Financial Fitness CHECKUP™ and Financial Fitness ACADEMY™ are exclusive marks of Precision Information, LLC. All rights reserved.