How to get quick access to cash during the pandemic
Interactive Video
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Life Skills, Business
•
University
•
Hard
Wayground Content
FREE Resource
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential risk of borrowing from your 401K during a financial crisis?
The interest rate is typically above 10%.
It increases your retirement savings.
You might have to pay back the loan immediately if you lose your job.
It improves your credit score.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a home equity line of credit be a risky option during financial distress?
It is only available to new homeowners.
It requires immediate repayment.
It has a high interest rate.
It puts your home at risk.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major drawback of using credit card cash advances?
They offer a long grace period.
They have low interest rates.
Interest starts accruing immediately.
They improve your credit score.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which option is considered the best for accessing funds but is hard to qualify for?
Personal loans
Home equity loans
0% APR on a new credit card
Cash advances
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do before deciding on a quick cash option?
Consult a financial adviser for a risk-benefit analysis.
Choose the option with the highest interest rate.
Avoid any form of borrowing.
Rely solely on personal savings.
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