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Predatory Lending
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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Review your answers below to learn more.
1.
All credit cards are a form of predatory lending.
Choose wisely. There is only one correct answer.
True
False
False. Some credit cards have very high fees and other predatory features, but many of them do not.
2.
What do borrowers use payday loans for?
Choose wisely. There is only one correct answer.
Medical emergencies
Regular bills
As an alternative to other loans
All of the above
All of the above. People take out payday loans for many different reasons.
3.
How good does your credit need to be in order for you to take out a payday loan?
Choose wisely. There is only one correct answer.
Excellent
Very good
Average
It doesn't need to be good
It doesn't need to be good. You don't need good credit in order to get a payday loan. Many borrowers do not have good credit.
4.
What are some things that a payday lender could do if you did not pay back a payday loan you took out?
Choose wisely. There is only one correct answer.
Turn your loan over to a debt collector
Sue you
Repossess your property that you put up as collateral
All of the above
All of the above. All of these are possibilities.
5.
A payday lender does not legally have to identify the fees charged to your payday loan.
Choose wisely. There is only one correct answer.
True
False
False. By law, a lender must spell out all fees to you in your contract.
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