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Which of the following statements is TRUE about payday loans?

Quizzma Team

Which of the following statements is TRUE about payday loans?
A. They are easier to pay back because of lower fees and higher interest rates.
B. They are easier to pay back because of lower fees and lower interest rates.
C. They are harder to pay back because of high fees and high interest rates.
D. They are harder to pay back because of low fees and high interest rates.




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    1. Quizzma Team

      The correct answer is: C. 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, making it difficult for borrowers to repay them in full by their next paycheck. This can lead to a cycle of borrowing, where individuals often have to take out additional loans to cover the previous ones, increasing their financial burden.

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