Loans Quiz

Which of these services is NOT offered by a pawnbroker?

• Collateral Loans

• Buying/Selling Valuables

• Item Valuation

• Horse Racing Tips

What is the average representative interest rate (APR) offered on a loan by a high street bank?

• 1% to 2%
• Approximately 3% to 7%
• 8% to 10%
• 12% to 15%

In the bartering video that we watched, which of these was NOT an item sold?

• UK Medals

• Prison Tokens

• Gold Watch

• Dunhill Clock Lighter

Which of these are NOT a reason why someone might use a pawnbroker?

• Poor credit rating

• Favourable interest rates on a loan

• They may be a reseller

• Quick access to cash

Draw the pawnbrokers symbol.

Why is a payday loan called a "Payday Loan"?

• You get it when you get paid.

• It's like a second payday.

• It is intended to be paid back in a short space of time - eg, on payday.

• It's named after that console game where you rob banks and stuff.

An item put down for safekeeping in return for a loan is called...

• Collateral

• Colloquial

• Convivival

• Con Air

Pawnbrokers and Payday Loan providers are both an example of...

• Financial Insurers

• Financial Institutions

• Financial Instruments

• Financial Times

Which TWO of these are the main ways that pawnbrokers make money?

• Sale of Goods for Profit

• Providing Insurance

• Collateral Loans

• Financial Advice

Why do both loan providers carry a higher risk of long term debt?

• Fines for not paying on time

• Lenders aren't allowed to pay the loan back early.

• Extremely high interest rates prevent lenders from actually clearing the initial debt

• Every month, the interest rate increases.