Course Catalog > Personal Finance > Courses
Personal Finance Courses: Predatory Lending

Test your knowledge

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

0%
Keep studying!
Review your answers below to learn more.
1.
If you put up your car as collateral for a car title loan, what happens to your car if you pay the loan back?
Choose wisely. There is only one correct answer.
You get your car back. As long as you pay the loan back, you legally must get your car back.
2.
If you roll over a payday loan three times, you will be charged a new fee each time.
Choose wisely. There is only one correct answer.
True. You will be charged a new fee for each rollover.
3.
How soon after receiving your funds from a payday loan can you spend the money?
Choose wisely. There is only one correct answer.
Right away. You may spend the money as soon as you want.
4.
Although people who take out payday loans use them for many different purposes, what is the most common use?
Choose wisely. There is only one correct answer.
Regular living expenses. Most borrowers use payday loans for regular living expenses.
5.
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.