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Personal Finance Courses: Predatory Lending

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1.
If you are behind on a non-payday loan, why should you talk with the creditors about it?
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They would rather work with you than have to sell your loan to a debt collector. If they sell your loan to a debt collector, they will get very little for it. They WANT to work with you rather than see that happen.
2.
Predatory lending can be identified by _______.
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Its high costs. Predatory lending involves a business charging higher-than-normal costs of various kinds.
3.
If you roll over a payday loan three times, you will be charged a new fee each time.
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True. You will be charged a new fee for each rollover.
4.
What do borrowers use payday loans for?
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All of the above. People take out payday loans for many different reasons.
5.
Which of the following are you forbidden to spend payday loan money on?
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You are not forbidden to spend payday loan money on anything. There are no restrictions on what you can spend payday loan money on.