QuestionAugust 9, 2025

Payday loans are a way to borrow money at a very low interest rate. True False

Payday loans are a way to borrow money at a very low interest rate. True False
Payday loans are a way to borrow money at a very low interest rate.
True
False

Solution
4.6(285 votes)

Answer

False Explanation 1. Define Payday Loans Payday loans are short-term, high-interest loans intended to cover immediate expenses until the borrower’s next paycheck. 2. Analyze Interest Rates Payday loans typically have very high interest rates compared to other forms of credit.

Explanation

1. Define Payday Loans<br /> Payday loans are short-term, high-interest loans intended to cover immediate expenses until the borrower’s next paycheck.<br /><br />2. Analyze Interest Rates<br /> Payday loans typically have very high interest rates compared to other forms of credit.
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