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Personal Finance Courses:
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.
How soon after receiving your funds from a payday loan can you spend the money?
Choose wisely. There is only one correct answer.
One week
You must wait until the next morning
You must wait 24 hours for the application to clear
Right away
Right away. You may spend the money as soon as you want.
2.
What is a typical fee on a payday loan?
Choose wisely. There is only one correct answer.
15%
50%
100%
5%
15%. Fee rates range from 15-20% of the amount borrowed.
3.
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.
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.
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.
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DONE