Question

Which of the following statements accurately describe payday loans? 1) Payday loans are typically repaid in a single payment on the borrower's next payday. 2) Payday loans require a thorough credit check and extensive documentation for approval. 3) Payday loans are a cost-effective solution for long-term financial needs and larger expenses. 4) Payday loans are regulated by strict government guidelines to protect borrowers. 5) Payday loans can result in a cycle of debt if not managed responsibly. Choose the correct answer.

Direction- (18 -20):-   Read the following information to answer the questions below:   Financial inclusion is a method of offering banking and financial services to individuals. It aims to include everybody in society by giving them basic financial services regardless of their income or savings. It focuses on providing financial solutions to the economically underprivileged. The term is broadly used to describe the provision of savings and loan services to the poor in an inexpensive and easy-to-use form. It aims to ensure that the poor and marginalised make the best use of their money and attain financial education. With advances in financial technology and digital transactions, more and more startups are now making financial inclusion simpler to achieve.
A 1 and 4 only
B 2 and 3 only
C 1, 3, and 4 only
D 1 and 5 only
E 2 and 5 only
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