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How are payday lenders different from a bank or credit union?

A. Payday lenders usually offer loans at a much lower rate than
banks and credit unions.
B. Payday lenders usually don't require collateral, unlike banks and
credit unions.
C. Payday lenders often offer loans to people who are unable to get a
loan from a bank or credit union.
D. Payday lenders often offer loans for a longer term than banks or
credit unions.

Respuesta :

anthougo

The difference between payday lenders and a bank or credit union is B. Payday lenders usually don't require collateral, unlike banks and credit unions.

What is payday lending?

Payday lending is a type of short-term borrowing where a borrower receives a high-interest credit based on personal income.

The characteristics of payday lending include:

  • Small-term loans
  • Small amounts of money are involved
  • Available at short notice
  • Interest rates are high.

Thus, the difference between payday lenders and a bank or credit union is B. Payday lenders usually don't require collateral, unlike banks and credit unions.

Learn more about payday lenders at https://brainly.com/question/25239160

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