You need money to pay your rent. You have asked family and friends but no one...

Transcribed Image Text:

You need money to pay your rent. You have asked family and friends but no one will loan you the money! You need $600 in just one week. You go to the neighborhood payday lender to get a payday loan. The loan plus interest is $700 and is due in two weeks. The payday loan company asks you to provide a check and make it payable to the payday loan company (name) for a total of $1,200. The representative lets you know that if the $700 loan is not paid in full in two weeks, the company will cash your check for the full amount of $1,200. a. Is this a predatory payday loan? Why or Why not? . Use at least two complete sentences for each of your answers. Start Here → b. Do you borrow the money? Why or why not? You need money to pay your rent. You have asked family and friends but no one will loan you the money! You need $600 in just one week. You go to the neighborhood payday lender to get a payday loan. The loan plus interest is $700 and is due in two weeks. The payday loan company asks you to provide a check and make it payable to the payday loan company (name) for a total of $1,200. The representative lets you know that if the $700 loan is not paid in full in two weeks, the company will cash your check for the full amount of $1,200. a. Is this a predatory payday loan? Why or Why not? . Use at least two complete sentences for each of your answers. Start Here → b. Do you borrow the money? Why or why not? You need money to pay your rent. You have asked family and friends but no one will loan you the money! You need $600 in just one week. You go to the neighborhood payday lender to get a payday loan. The loan plus interest is $700 and is due in two weeks. The payday loan company asks you to provide a check and make it payable to the payday loan company (name) for a total of $1,200. The representative lets you know that if the $700 loan is not paid in full in two weeks, the company will cash your check for the full amount of $1,200. a. Is this a predatory payday loan? Why or Why not? . Use at least two complete sentences for each of your answers. Start Here → b. Do you borrow the money? Why or why not? You need money to pay your rent. You have asked family and friends but no one will loan you the money! You need $600 in just one week. You go to the neighborhood payday lender to get a payday loan. The loan plus interest is $700 and is due in two weeks. The payday loan company asks you to provide a check and make it payable to the payday loan company (name) for a total of $1,200. The representative lets you know that if the $700 loan is not paid in full in two weeks, the company will cash your check for the full amount of $1,200. a. Is this a predatory payday loan? Why or Why not? . Use at least two complete sentences for each of your answers. Start Here → b. Do you borrow the money? Why or why not?

Answer rating: 100% (QA)

a Yes this is a predatory payday loan The loan comes with a very high interest rate that ... View the full answer