Answered

A lender offers Frank a high-interest loan based on the amount of his next paycheck. He'll have to pay it back quickly, within the next month. Which type of predatory loan offer did Frank experience?

A. Bait and switch
B. Payday loan
C. Hidden fees
D. Phishing scam



Answer :

GinnyAnswer

Final answer:

Frank experienced a payday loan offer that involves high-interest rates and quick repayment, commonly preying on low-income individuals.


Explanation:

Frank experienced a payday loan offer where a lender provides a high-interest loan based on the amount of his next paycheck, requiring quick repayment within a month. Payday loans are known for exorbitant fees and typically target low-income individuals in need of immediate funds.


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