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1.
It is possible to pay more in fees on a payday loan than the amount you originally borrowed.
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True. If you extend the loan or take out a different one to cover it, and you did this several times in a row, you might actually pay more in interest than the actual loan itself.
2.
To qualify for a payday loan, what must your income be?
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There is no minimum. You just need to earn sufficient money to cover the loan.
3.
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?
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The pawnshop can keep the guitar. This is the general rule for how these loans work.
4.
Although people who take out payday loans use them for many different purposes, what is the most common use?
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Regular living expenses. Most borrowers use payday loans for regular living expenses.
5.
What are some things that a payday lender could do if you did not pay back a payday loan you took out?
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All of the above. All of these are possibilities.