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Personal Finance Courses: Predatory Lending

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1.
How long do most payday loans last?
Choose wisely. There is only one correct answer.
Two weeks. Most payday loans last about the length of a pay period, which is two weeks.
2.
Which of these lenders requires little or no credit check when loaning money to a borrower?
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Payday lender. Payday loans are fast and usually don't require a credit check.
3.
If you have a short-term financial emergency, what is a low-cost way to obtain a loan?
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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.
4.
All credit cards are a form of predatory lending.
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False. Some credit cards have very high fees and other predatory features, but many of them do not.
5.
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.