
Predatory Lending Flashcard
Flashcard
•
Social Studies
•
KG - 12th Grade
•
Practice Problem
•
Hard
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17 questions
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1.
FLASHCARD QUESTION
Front
True or False: Because payday loans have such high interest rates, they're typically used by high-income households.
Back
False
2.
FLASHCARD QUESTION
Front
You can go to another state to get a car title loan
Back
True
3.
FLASHCARD QUESTION
Front
True or False: Rent-to-own total prices are comparable to those you'd find in a store.
Back
False
4.
FLASHCARD QUESTION
Front
True or False: It's possible to get auto title loans, rent-to-own furniture, and other loans without passing a credit check.
Back
True
5.
FLASHCARD QUESTION
Front
Jake takes out a payday loan of $300. In two weeks, he doesn't have the money to repay it in full. Select which options keeps Jake trapped in the cycle of repayment: Jake uses his paycheck to pay the $300, but then immediately takes out another $300 at the same location to pay bills.
Back
Jake uses his paycheck to pay the $300, but then immediately takes out another $300 at the same location to pay bills.
6.
FLASHCARD QUESTION
Front
Which statement best describes why payday loans, auto title loans, and pawnshop transactions are sometimes referred to as "predatory lending"?
Back
Lenders "prey" on low-income borrowers or bad credit borrowers who have little or no other options for obtaining a loan.
7.
FLASHCARD QUESTION
Front
Payday lenders, auto title loan centers, and other short-term lending institutions are not regulated.
Back
False
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