Which of the following statements is TRUE about payday loans?
A. They are harder to pay back because of low fees and high interest rates.
B. They are harder to pay back because of high fees and high interest rates.
C. They are easier to pay back because of lower fees and higher interest rates.
D. They are easier to pay back because of lower fees and lower interest rates.
Which of the following statements is TRUE about payday loans?
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The correct answer is B. They are harder to pay back because of high fees and high interest rates.
Explanation: Payday loans typically come with very high fees and interest rates, which can make them difficult for borrowers to pay back. The costs associated with these loans can accumulate quickly, leading to a cycle of debt for those who borrow them. If you have more questions or need further clarification, feel free to ask!