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1.
How might a payday loan affect your credit report?
Choose wisely. There is only one correct answer.
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.
To qualify for a payday loan, what must your income be?
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There is no minimum. You just need to earn sufficient money to cover the loan.
3.
Although people who take out payday loans use them for many different purposes, what is the most common use?
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Regular living expenses. Most borrowers use payday loans for regular living expenses.
4.
A payday lender does not legally have to identify the fees charged to your payday loan.
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False. By law, a lender must spell out all fees to you in your contract.
5.
All credit cards are a form of predatory lending.
Choose wisely. There is only one correct answer.
False. Some credit cards have very high fees and other predatory features, but many of them do not.