True or False Payday loans incur fewer fees and expenses than traditional loans.

Question

Business

Kristina Banks

1 April, 13:15

True or False Payday loans incur fewer fees and expenses than traditional loans.

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Answers (1)

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Brooke Hicks · Answer 1

A payday loans are small, short-term unsecured loans, which are taken by the borrowers to cover ordinary living expenses and daily needs. These loans are in small amount but the charges and fees are higher as compared with the traditional loans.

Hence the given statement "Payday loans incur fewer fees and expenses than traditional loans" is False.

The answer is False.