Choose wisely. There is only one correct answer to each question.
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1.
If you are behind on a non-payday loan, why should you talk with the creditors about it?
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.
2.
To qualify for a payday loan, what must your income be?
There is no minimum. You just need to earn sufficient money to cover the loan.
3.
What do borrowers use payday loans for?
All of the above. People take out payday loans for many different reasons.
4.
If you take out $1000 from a payday lender, a credit card, and a credit card cash advance, which will charge the most interest?
The payday lender. By far, the payday lender will charge the most interest. The dollar amount difference between it and the credit cards will be immense. It should be noted that there are also options that are even lower in interest than the credit cards.
5.
If you put up a guitar at a pawnshop in return for a loan, what usually happens if you can't pay the loan back?
The pawnshop can keep the guitar. This is the general rule for how these loans work.