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1.
If you roll over a payday loan three times, you will be charged a new fee each time.
True. You will be charged a new fee for each rollover.
2.
If you have a short-term financial emergency, what is a low-cost way to obtain a loan?
Emergency credit union loan. Many credit unions and banks offer relatively low-interest short-term loans that can help tide you over a short-term financial emergency.
3.
What do borrowers use payday loans for?
All of the above. People take out payday loans for many different reasons.
4.
How soon after receiving your funds from a payday loan can you spend the money?
Right away. You may spend the money as soon as you want.
5.
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?
The pawnshop can keep the guitar. This is the general rule for how these loans work.