Test your knowledge

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

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1.
How long do most payday loans last?
Choose wisely. There is only one correct answer.
Two weeks. Most payday loans last about the length of a pay period, which is two weeks.
2.
Which of these lenders requires little or no credit check when loaning money to a borrower?
Choose wisely. There is only one correct answer.
Payday lender. Payday loans are fast and usually don't require a credit check.
3.
If you have a short-term financial emergency, what is a low-cost way to obtain a loan?
Choose wisely. There is only one correct answer.
Emergency credit union loan. Many credit unions and banks offer relatively low-interest short-term loans that can help tide you over a short-term financial emergency.
4.
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.
5.
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. You will be charged a new fee for each rollover.