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Predatory Lending
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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Review your answers below to learn more.
1.
To qualify for a payday loan, what must your income be?
Choose wisely. There is only one correct answer.
$100 per week
$300 per week
There is no minimum.
There is no minimum. You just need to earn sufficient money to cover the loan.
2.
Although people who take out payday loans use them for many different purposes, what is the most common use?
Choose wisely. There is only one correct answer.
Regular living expenses
Emergencies
College tuition
None of the above
Regular living expenses. Most borrowers use payday loans for regular living expenses.
3.
If you roll over a payday loan three times, you will be charged a new fee each time.
Choose wisely. There is only one correct answer.
True
False
True. You will be charged a new fee for each rollover.
4.
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.
Turn your loan over to a debt collector
Sue you
Repossess your property that you put up as collateral
All of the above
All of the above. All of these are possibilities.
5.
Predatory lending can be identified by _______.
Choose wisely. There is only one correct answer.
Its high costs
Its low costs
Its high costs. Predatory lending involves a business charging higher-than-normal costs of various kinds.
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