ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quick cash, sometimes within the hour, don’t need a credit rating, easy solution and access.
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I can get money for free
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There is no interest payments for payday loans
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None of the above
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Detailed explanation-1: -If you do not repay a payday loan, it is possible that your file will go into the collections process and a debt collector may report your debt to the major national credit bureaus. This is really the only time that payday loans will impact your credit score.
Detailed explanation-2: -In general, it’s best to avoid predatory payday loans and their sky-high APRs. Many payday lenders require access to your bank account, which means they can make payment withdrawals even if it would overdraw your account. What’s more, high fees and short repayment terms can trap you in a cycle of debt.
Detailed explanation-3: -Easy to access. The most significant advantage for many borrowers is that payday loans are convenient and quick to access. They have fewer requirements than other loans. You can get approved with bad credit. It is an unsecured loan. There is a 14-day cooling-off period.
Detailed explanation-4: -They help you pay for emergency expenses without draining your savings. They enable you to consolidate high-interest debt. You can use them to finance your wedding or dream vacation. They have predictable payment schedules. Personal loans are flexible in their uses. More items •01-Mar-2023