Test your knowledge

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

0%
Keep studying!
Review your answers below to learn more.
1.
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.
All of the above. All of these are possibilities.
2.
A payday lender does not legally have to identify the fees charged to your payday loan.
Choose wisely. There is only one correct answer.
False. By law, a lender must spell out all fees to you in your contract.
3.
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.
You retain ownership of your car. As long as you pay the loan back, you legally must get your car back.
4.
Which of these lenders requires little or no credit check when loaning money to a borrower?
Choose wisely. There is only one correct answer.
Payday lender. Payday loans are fast and usually don't require a credit check.
5.
What do borrowers use payday loans for?
Choose wisely. There is only one correct answer.
All of the above. People take out payday loans for many different reasons.