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Personal Finance Courses: Predatory Lending

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1.
You can get a short-term loan from your checking account through what is called _______.
Choose wisely. There is only one correct answer.
Overdraft protection. Overdraft protection simply means overdrawing your checking account. You will likely be charged a fee for it.
2.
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.
3.
Predatory lending can be identified by _______.
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Its high costs. Predatory lending involves a business charging higher-than-normal costs of various kinds.
4.
If you roll over a payday loan three times, you will be charged a new fee each time.
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True. You will be charged a new fee for each rollover.
5.
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.