What financial situation might lead someone to consider a payday loan?

Understanding Payday Loans and Their Implications

Interactive Video
•
Business, Life Skills
•
9th - 12th Grade
•
Medium

Olivia Brooks
Used 9+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Owning multiple credit cards
Receiving a large inheritance
Having a large savings account
Facing unexpected expenses with no savings
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of payday loans that makes them appealing to some borrowers?
Long repayment terms
No need for a bank account
Simple application process
Low interest rates
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In Paula's story, what was the initial amount she borrowed through a payday loan?
$1000
$700
$500
$300
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the approximate annual percentage rate (APR) for payday loans as mentioned in the video?
100%
200%
50%
500%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are payday loans considered predatory?
They offer low interest rates
They require collateral
They have high interest rates and lack underwriting
They are only available to high-income individuals
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What regulatory change regarding payday loans was revoked in 2020?
Ban on payday loans
Compulsory underwriting rule
Mandatory low interest rates
Requirement for collateral
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one potential solution for someone trapped in payday loan debt?
Taking out another payday loan
Paying only the interest
Negotiating a settlement with the lender
Ignoring the debt
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