Choose wisely. There is only one correct answer to each question.
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1.
Which of these lenders requires little or no credit check when loaning money to a borrower?
Payday lender. Payday loans are fast and usually don't require a credit check.
2.
Predatory lending can be identified by _______.
Its high costs. Predatory lending involves a business charging higher-than-normal costs of various kinds.
3.
When you take out a payday loan, how long is the grace period for paying it back?
There is no grace period. Payday loans do not offer grace periods; you must pay them back on your payday or you will be charged late fees.
4.
A payday lender does not legally have to identify the fees charged to your payday loan.
False. By law, a lender must spell out all fees to you in your contract.
5.
If you have a short-term financial emergency, what is a low-cost way to obtain a loan?
Emergency credit union loan. Many credit unions and banks offer relatively low-interest short-term loans that can help tide you over a short-term financial emergency.