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To qualify for a payday loan, what must your income be?

$100 per week

$300 per week

There is no minimum.

There is no minimum. You just need to earn sufficient money to cover the loan.

If you roll over a payday loan three times, you will be charged a new fee each time.

True

False

True. You will be charged a new fee for each rollover.

All credit cards are a form of predatory lending.

True

False

False. Some credit cards have very high fees and other predatory features, but many of them do not.

What do borrowers use payday loans for?

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.

How might a payday loan affect your credit report?

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.