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Personal Finance Courses:
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.
What do borrowers use payday loans for?
Choose wisely. There is only one correct answer.
Medical emergencies
Regular bills
As an alternative to other loans
All of the above
All of the above. People take out payday loans for many different reasons.
2.
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.
3.
As a general rule, which of the following will charge the LEAST amount of interest if you take out a loan?
Choose wisely. There is only one correct answer.
A payday lender
A credit card
A credit card cash advance
A loan from a bank or credit union
A loan from a bank or credit union. As a rule, these loans have the lowest interest rates and charge the least amount of interest.
4.
If you put up your car as collateral for a car title loan, what happens to your car if you pay the loan back?
Choose wisely. There is only one correct answer.
The lender can still keep the car
You retain ownership of your car
Nothing
None of the above
You retain ownership of your car. As long as you pay the loan back, you legally must get your car back.
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.
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.
Submit
DONE