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1.
When you take out a payday loan, how long is the grace period for paying it back?
Choose wisely. There is only one correct answer.
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.
2.
Predatory lending can be identified by _______.
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Its high costs. Predatory lending involves a business charging higher-than-normal costs of various kinds.
3.
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.
4.
If you roll over a payday loan three times, you will be charged a new fee each time.
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True. You will be charged a new fee for each rollover.
5.
The interest rates of payday loans are very high.
Choose wisely. There is only one correct answer.
True. Payday loans have average annual interest rates of 500 percent--or more.