Fast Cash and Payday Loans (Page One Economics, Focus on Finance)

Payday loans are convenient and provide FAST cash to cover emergency situations or help pay a borrower’s expenses from one paycheck to the next. But the fee-based structure of payday lending is quite different from a traditional loan, and laws vary among the states. The April 2019 edition of Page One Economics®: Focus on Finance takes a look at the structure and fees that make these loans costly.

Teachers: Visit the Reading Q&As in our Econ Lowdown Teacher Portal to find the teacher edition for this issue, to assign an online version of the student materials and to collect student scores on the questions. You can also find a version "A" of this Page One Focus on Finance written at a lower reading level for use with middle school students or high school students struggling to comprehend the original content. The materials are still free—but having them in the portal keeps students from accessing the answer key.

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Awards

This lesson received the 2020 Curriculum Bronze Award of Excellence from the National Association of Economic Educators.
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Education Level: 6-8 9-12 College Non-educators
Subjects: Personal Finance Career and Technical Education
Concepts: Non-Bank Financial Services Types of Loans Credit Lenders/Borrowers Interest
Resource Types: Publication Lesson
Languages: English