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A payday lender does not legally have to identify the fees charged to your payday loan.

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True

False

False. By law, a lender must spell out all fees to you in your contract.

All credit cards are a form of predatory lending.

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True

False

False. Some credit cards have very high fees and other predatory features, but many of them do not.

As far as loans go, payday loans are generally small.

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True

False

True. Payday loans are usually $500 or less, making them small.

Which of these lenders requires little or no credit check when loaning money to a borrower?

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Payday lender

Bank

P2P lender

Payday lender. Payday loans are fast and usually don't require a credit check.

If you don't pay back your payday loan, the lender could take you to court and sue you for it.

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True

False

True. Legally, the lender can do that if it wants. Of course, all lenders would rather not have to go that route if they can avoid it.

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