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Personal Finance Courses: Predatory Lending

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1.
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.
2.
Which of the following are you forbidden to spend payday loan money on?
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You are not forbidden to spend payday loan money on anything. There are no restrictions on what you can spend payday loan money on.
3.
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.
4.
What is a typical fee on a payday loan?
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15%. Fee rates range from 15-20% of the amount borrowed.
5.
How might a payday loan affect your credit report?
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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.