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

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If you take out $1000 from a payday lender, a credit card, and a credit card cash advance, which will charge the most interest?

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The payday lender

The credit card

The credit card cash advance

The payday lender. By far, the payday lender will charge the most interest. The dollar amount difference between it and the credit cards will be immense. It should be noted that there are also options that are even lower in interest than the credit cards.

If you put up your car as collateral for a car title loan, what happens to your car if you pay the loan back?

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The lender can still keep the car

You retain ownership of your car

Nothing

None of the above

You retain ownership of your car. As long as you pay the loan back, you legally must get your car back.

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.

How might a payday loan affect your credit report?

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If you don't pay the loan back, it could get turned over to a debt collector.

You could get sued if you don't pay the loan back.

Small credit reporting agencies might put your payday loan on a credit report.

All of the above

All of the above. The big three credit reporting agencies don't put payday loans on your report, but there are other ways that the loan activity could show up on your report.

How long do most payday loans last?

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A year

A month

Two months

Two weeks

Two weeks. Most payday loans last about the length of a pay period, which is two weeks.

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