Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
How good does your credit need to be in order for you to take out a payday loan?
Choose wisely. There is only one correct answer.
It doesn't need to be good. You don't need good credit in order to get a payday loan. Many borrowers do not have good credit.
2.
As far as loans go, payday loans are generally small.
Choose wisely. There is only one correct answer.
True. Payday loans are usually $500 or less, making them small.
3.
If you put up a guitar at a pawnshop in return for a loan, what usually happens if you can't pay the loan back?
Choose wisely. There is only one correct answer.
The pawnshop can keep the guitar. This is the general rule for how these loans work.
4.
What is a typical fee on a payday loan?
Choose wisely. There is only one correct answer.
15%. Fee rates range from 15-20% of the amount borrowed.
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.
All of the above. All of these are possibilities.