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# Anderson payday loans

## These loans have been called a 'debt trap for consumers.' Do you know why?

What is a payday loan? \n", "explanation": "Payday loans are short-term loans, usually for two weeks to one month. Effective interest rates (including fees) can go as high as 391 percent. A recent government study called these loans a debt trap for many consumers.", "hint": "", "answers": < "answer0": < "isRight": "wrong", "answerText": "A fixed-rate, tax-deductible loan over 12 months" >, "answer1": < "isRight": "right", "answerText": "A high-interest, short-term loan" >, "answer2": < "isRight": "wrong", "answerText": "An adjustable-rate loan with a balloon payment" > > >, "quest1": < "imageBrowse": "", "imageCaption": "", "imageCredit": "", "question": "

You get a payday loan from: \n", "explanation": "Payday loans generally are provided by storefront lenders with neon signs that promote these offers, though they are also available from online payday lenders.", "hint": "", "answers": < "answer0": < "isRight": "wrong", "answerText": "Your employer" >, "answer1": < "isRight": "right", "answerText": "A storefront lender" >, "answer2": < "isRight": "wrong", "answerText": "A bank" > > >, "quest3": < "imageBrowse": "", "imageCaption": "", "imageCredit": "", "question": "

The median fees on a typical 14-day payday loan are: \n", "explanation": "The Consumer Financial Protection Bureau says the median fees are \$15 per \$100 borrowed, which is the equivalent of a 391 percent annual interest rate.", "hint": "", "answers": < "answer0": < "isRight": "right", "answerText": "\$15 per \$100 borrowed" >, "answer1": < "isRight": "wrong", "answerText": "\$10 per

\$200 borrowed" >, "answer2": < "isRight": "wrong", "answerText": "\$5 per \$250 borrowed" > > >, "quest4": < "imageBrowse": "", "imageCaption": "", "imageCredit": "", "question": "

The median payday loan amount is: \n", "explanation": "The typical loan is for \$350 for 14 days. Paying back \$15 per every \$100 owed means borrowers must come up with more than \$400 in two weeks, including interest and fees.", "hint": "", "answers": < "answer0": < "isRight": "wrong", "answerText": "\$1,000" >, "answer1": < "isRight": "wrong", "answerText": "\$750" >, "answer2": < "isRight": "right", "answerText": "\$350" > > >, "quest5": < "imageBrowse": "", "imageCaption": "", "imageCredit": "", "question": "

You need excellent credit to get a payday loan \n", "explanation": "Unlike most other loans, your credit score is generally not taken into account to get a payday loan. You do need to show proof of income and a personal deposit account.", "hint": "", "answers": < "answer0": < "isRight": "wrong", "answerText": "True" >, "answer1": < "isRight": "right", "answerText": "False" > > >, "quest6": < "imageBrowse": "", "imageCaption": "", "imageCredit": "", "question": "

One in six payday loan borrowers collects Social Security, disability, unemployment or welfare benefits. \n", "explanation": "A Consumer Financial Protection Bureau study found that one in six borrowers received some type of government assistance or benefit.", "hint": "", "answers": < "answer0": < "isRight": "right", "answerText": "True" >, "answer1": < "isRight": "wrong", "answerText": "False" > > >, "quest7": < "imageBrowse": "", "imageCaption": "", "imageCredit": "", "question": "

Source: www.aarp.org
Category: Payday loans