F24 - Credit Basics - TH

If your loan is secured by some collateral, you can usually get:

• More money
• Longer payback
• Lower interest rates
• All of these
• None of these

Which of these is NOT a closed-end loan:

• Credit card
• Car loan
• Mortgage
• Student loan

Payday lenders verify which two of these things before loaning money:

• Employment
• Source of income
• Credit score
• Debts to other lenders

The loan amount for a Payday loan is $ _____ or less.

• 15
• 400
• 600
• 2 to 4
• 500

The time to pay back a Payday loan is typically about ____ weeks.

• 15
• 400
• 600
• 2 to 4
• 500

Which of these are reasons why borrowers often can't repay on time and have to keep rolling over or taking out new payday loans to cover the last loan:

• High fees
• Short terms
• Both of these
• Neither of these

According to the CFPB, more than ______ % payday loans are reborrowed at least once:

• 25 %
• 80 %
• 100 %

According to the CFPB, about ______ % payday loans are reborrowed at least nine times:

• 25 %
• 80 %
• 100 %

Pawn shops usually loan you ______ your item is worth.

• More than
• less than
• the same as

Prices at rent to own stores are ____ prices at stores where you pay cash or use a credit card.

• Higher than
• Lower than
• the same as