This paper examines whether experiencing financial hardship was associated with obtaining high interest loans using the 2021 wave of the FINRA National Financial Capability Study. The results reveal that while financial literacy moderated the association between financial hardship and obtaining predatory loans, the minority racial ethnic groups were more likely to obtaining such loans. Additionally, experiencing financial hardship was negatively associated with financial satisfaction in the overall sample. Implications for policy makers, scholars, and researchers of financial wellbeing and financial capability are discussed.

Accepted Oral Presentation