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Personal Finance Courses: Predatory Lending

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1.
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.
2.
How soon after receiving your funds from a payday loan can you spend the money?
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Right away. You may spend the money as soon as you want.
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.
A payday lender does not legally have to identify the fees charged to your payday loan.
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False. By law, a lender must spell out all fees to you in your contract.
5.
How might a payday loan affect your credit report?
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All of the above. The big three credit reporting agencies don't put payday loans on your report, but there are other ways that the loan activity could show up on your report.