023: Quiz – Payday Lenders Banned by Federal Trade Commission
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Question 1 of 8
1. Question
Payday lenders and other short-term lending institutions are regulated by which governmental agency?
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Question 2 of 8
2. Question
Payday loan interest rates are comparable to those you can find at a reputable bank.
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Question 3 of 8
3. Question
Because payday loans have such high-interest rates, they are typically used by high-income households.
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Question 4 of 8
4. Question
Many short-term lenders realize their borrowers will never be able to pay off their loans on time, but they still lend anyway.
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Question 5 of 8
5. Question
Credit checks are not necessary to obtain payday loans.
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Question 6 of 8
6. Question
Imagine someone named Steve takes out a payday loan of $100. In two weeks, he doesn’t have the money to repay the loan in full. Select which option keeps Steve trapped in the cycle of repayment.
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Question 7 of 8
7. Question
Payday lenders charge you interest for each month you keep the loan.
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Question 8 of 8
8. Question
Which types of neighborhoods do Payday Lenders typically service: