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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.
As far as loans go, payday loans are generally small.
Choose wisely. There is only one correct answer.
True
False
True. Payday loans are usually $500 or less, making them small.
2.
If you put up your car as collateral for a car title loan, what happens to your car if you pay the loan back?
Choose wisely. There is only one correct answer.
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.
3.
Which of the following are you forbidden to spend payday loan money on?
Choose wisely. There is only one correct answer.
Rent
Other loans
Car repairs
You are not forbidden to spend payday loan money on anything.
You are not forbidden to spend payday loan money on anything. There are no restrictions on what you can spend payday loan money on.
4.
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.
5.
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.
Submit
DONE