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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.
What are some things that a payday lender could do if you did not pay back a payday loan you took out?
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All of the above. All of these are possibilities.
3.
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.
4.
Predatory lending can occur with which of the following?
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All of the above. All of these and many more can be involved in predatory lending. You should evaluate all of them carefully.
5.
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.