Choose wisely. There is only one correct answer to each question.
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1.
If you have a short-term financial emergency, what is a low-cost way to obtain a loan?
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.
2.
What do borrowers use payday loans for?
All of the above. People take out payday loans for many different reasons.
3.
As a general rule, which of the following will charge the LEAST amount of interest if you take out a loan?
A loan from a bank or credit union. As a rule, these loans have the lowest interest rates and charge the least amount of interest.
4.
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.
5.
If you put up a guitar at a pawnshop in return for a loan, what usually happens if you can't pay the loan back?
The pawnshop can keep the guitar. This is the general rule for how these loans work.