What is a condition to most pay-day loans?
A) That the borrower pay 75% interest
B) That the borrower agree to some type of collateral
C) That the borrower agree to give the lender access to the borrower's checking account
D) That the borrower waive the right to litigation

Question

Quizplus · Accepted Answer

Most pay-day lenders require borrowers to agree to give them access to the borrower's checking account, typically for automatic withdrawal of the loan amount plus interest on the borrower's next payday. This serves as a form of repayment guarantee for the lender.

What Is a Condition to Most Pay-Day Loans