Test your knowledge

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If you put up your car as collateral for a car title loan, what happens to your car if you pay the loan back?

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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.

If you have a short-term financial emergency, what is a low-cost way to obtain a loan?

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Payday loan

Emergency credit union loan

Credit card

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.

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

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True

False

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

As far as loans go, payday loans are generally small.

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True

False

True. Payday loans are usually $500 or less, making them small.

How soon after receiving your funds from a payday loan can you spend the money?

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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.

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