Choose wisely. There is only one correct answer to each question.
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1.
How might a payday loan affect your credit report?
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.
2.
The interest rates of payday loans are very high.
True. Payday loans have average annual interest rates of 500 percent--or more.
3.
If you roll over a payday loan three times, you will be charged a new fee each time.
True. You will be charged a new fee for each rollover.
4.
Predatory lending can occur with which of the following?
All of the above. All of these and many more can be involved in predatory lending. You should evaluate all of them carefully.
5.
What do borrowers use payday loans for?
All of the above. People take out payday loans for many different reasons.