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Personal Finance Courses: Predatory Lending

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1.
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.
2.
If you are behind on a non-payday loan, why should you talk with the creditors about it?
Choose wisely. There is only one correct answer.
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.
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.
As far as loans go, payday loans are generally small.
Choose wisely. There is only one correct answer.
True. Payday loans are usually $500 or less, making them small.
5.
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.