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Payday Loans Expensive: for a high fee, people can get a small amount of money right away.

Payday Loans Expensive: for a high fee, people can get a small amount of money right away. Short term: they must be paid back with the borrower’ s next paycheck, usually in 2 weeks. Encourage repeat borrowing: they often trap people in a cycle of debt.

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Payday Loans Expensive: for a high fee, people can get a small amount of money right away.

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  1. Payday Loans • Expensive: for a high fee, people can get a small amount of money right away. • Short term: they must be paid back with the borrower’s next paycheck, usually in 2 weeks. • Encourage repeat borrowing: they often trap people in a cycle of debt. • Payday loans are expensive and dangerous.

  2. Payday Loans in Real Life

  3. Other Predatory Loans • Rent to Own Loans • High Interest Auto Loans • Tax Refund Anticipation Loans • Debt Settlement Loans • Car Title Loans

  4. Alternatives to Payday Lending • Reconsider Spending • Find Other Funds (employer advance, yard sale, odd jobs) • Borrow Better (from credit unions, credit cards, family) • Get Help from Nonprofit Agencies (rent or other one-time cash assistance, food) • Deal with Your Debt (contact utilities, contact credit counselor) • SAVE

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