Test your knowledge

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

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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.

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

Bank

P2P lender

Payday lender. Payday loans are fast and usually don't require a credit check.

All credit cards are a form of predatory lending.

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True

False

False. Some credit cards have very high fees and other predatory features, but many of them do not.

How long do most payday loans last?

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A year

A month

Two months

Two weeks

Two weeks. Most payday loans last about the length of a pay period, which is two weeks.

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.

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