Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
1.
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.
2.
The interest rates on payday loans are _______.
Higher than those of banks or credit unions. Interest rates on payday loans are generally much higher than those of other loans.
3.
What are some things that a payday lender could do if you did not pay back a payday loan you took out?
All of the above. All of these are possibilities.
4.
It is possible to pay more in fees on a payday loan than the amount you originally borrowed.
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.
5.
When you take out a payday loan, how long is the grace period for paying it back?
There is no grace period. Payday loans do not offer grace periods; you must pay them back on your payday or you will be charged late fees.