Be afraid, be very afraid!. Payday Loan Videos  Video 1 – Rachel Maddow Show on MSNBC Video 1 – Rachel Maddow Show on MSNBC.

Slides:

Advertisements

Similar presentations

Budget. A financial plan drawn up for an individual, a family, a business or a government. It is usually for a period of a month or a year. Done right.

Advertisements

Payday Lending Alternatives for Credit Unions Woodstock Institute November 2005 Consumer Federation of America Second Annual Payday Loan Advocates Summit.

Banking, Borrowing & Credit More On Managing Your Income.

Scams APR & Finance Charges Three Cs Credit ReportLoans.

Copyright, 1996 © Dale Carnegie & Associates, Inc. HOW TO FINANCE A USED CAR MINI-LESSON INDIANA DEPARTMENT OF FINANCIAL INSTITUTIONS CONSUMER EDUCATION.

Basic Agribusiness Principles and Skills Unit D1-2.

Payday Lending in Louisiana Trapping Working Families in a Cycle of Debt 1

Statewide Issues Conference February 15 th, 2014 Payday Lending in Louisiana.

Consumer Banking Dollars and Sense. Interest Rates – Rules of Commercial Banks – Interest rates charged for loans higher than Savings Banks and interest.

Credit Law in Society Objective: To understand the use of and acquisition of credit.

Credit ~ Next Steps. Homework (Passport Page 38)

HOW CREDIT CARDS WORK What you need to know about credit cards- including what credit cards companies can and can’t do, and what information they have.

Borrower Beware 1. Why Borrow? 2 Consumer Debt for 2012 Averages per US Household: O Average credit card debt: $15,204 O Average mortgage debt: $148,818.

 In order to stay competitive in today’s marketplace, banks and other financial institutions have expanded the range of services that they offer.  Four.

Signs of Predatory Lending What to Watch Out For When You’re Shopping for a Loan.

Credit.  Credit (from Latin credere translation. "to believe") is the trust which allows one party to provide resources to another party where that second.

Financial Product Innovations & Trends Rural Family Economic Success Institute November 2, 2009.

Objectives  Identify pitfalls and financial traps in the fringe banking industry  Recognize the come-ons and hype  Understand how to compare the cost.

Consumer Math p Definitions  Down payment – part of the price paid at the time of purchase  Financed – borrowed  Mortgage – a property loan.

2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Short Answers VocabCredit Terms True.

Payday Loans & Credit Cards CENTS. What is a Payday loan?  A Payday loan is a small loan, also known as a “cash advance.” These loans typically become.

BORROWING BASICS Money Smart Course

HOW EXPENSIVE ARE PAYDAY LOANS?. TERMINOLOGY FINANCE CHARGE: The dollar amount paid to borrow money. INTEREST: The cost of borrowing money expressed as.

Payday Lending Take Charge of Your Finances.

Washington Payday Lending Battles NCLC Consumer Rights Litigation Conference October 26th, 2012 Bruce D. Neas Columbia Legal Services Olympia,

Introduction to Business and Marketing. OBJECTIVES  Identify the sources of credit  Understand the types of credit.

Chapter 4 “going into debt”

Credit Wisdom. Managing Money & Credit: A Lifelong Skill.

Payday Lending Research September 30,

Lesson 16: Using Credit.

Chapter 25 The Basics of Credit.

Jeopardy! Credit Protection Laws Secured or Unsecured Credit Bureaus Selecting a card VocabularyMixed

Why people borrow The best ways of borrowing & paying off debt. Credit deals to avoid How to deal with financial difficulties. Most of us will need to.

Short Term Lending. What is a Short Term Loan? Small dollar loan to pay for an unexpected bill Instant funds to avoid more costly alternatives No credit.

Credit. Credit is the ability to borrow money based on an individuals economic status. The advantage of credit is that you can enjoy new purchases today.

1.1 Debt, Interest & APR Check out the ‘simple interest explained’ video at © moneyskool.org 2015.

The Secret History of Credit Cards

Chapter 6 Consumer Credit

Credit What YOU need to know!. What is Credit? Credit is borrowing money now to make an immediate purchase and promising to repay it later.

A Dealing with Dollar $ workshop Financial Choices and Options.

 the ability to borrow money in return for the promise of REPAYMENT  Before using credit you should ask your self:  Is it a want or a need?  Do you.

1 February 25, 2013 Would more data sharing really help low income consumers? Center for Responsible Credit Tackling Britain’s high cost credit problem.

Health DMA Please take out a piece of paper and complete the following: 1.Write down the vocabulary word and definition. 2. Choose ONE of these options.

Beware: Fringe Banking Pawn Shops Rent-to-Own Programs Check Cashing Outlets Refund Anticipation Loans (RALs) Payday Lending Credit “fixers”

Building: Knowledge, Security, Confidence Borrowing Basics.

Credit Products Trivia MortgagePersonalPayday Title Pledge Miscellaneous $100 $200 $300 $400 $500.

Objective 5.01 Understand credit management 1. Main types of credit 2.

ALTERNATIVE LOANS. PAYDAY LOANS Features: 1.The loans are usually for small amounts. 2.The loans typically come due your next payday. 3.You must give.

Money Sense Workshop. What is a payday loan? A pay day loan is a small amount of money lent to you with a high rate of interest with the agreement that.

1. Debt, Interest & Payments © moneyskool.org. People borrow money for all kinds of different reasons – to buy a house, go to university, start a business.

How to maintain good credit?.  Obtaining goods and services with a promise to pay for them from future income  to buy today and pay tomorrow  involves.

Credit Credit: borrowing money to pay for something now while promising to repay it later. Lender: the person loaning the money Borrower: receives the.

Payday Lending Personal Finance. © Family Economics & Financial Education – Revised November 2006 – Credit Unit – Payday Lending Funded by a grant from.

Financial Service Providers SELECT YOUR OWN FINANCIAL SERVICE PROVIDER 1©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service.

Grade 12 Family Studies.  Do you have a credit card?  What is it used for?  How is it like a loan?

APR. Short term loans Representative example Borrow: £300 for 30 days Interest rate: 292% p.a. fixed One repayment of: £372 Total charge for credit:

$200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 $200 $400 $600 $800 $1000 Lend me the money I have to pay it back? To.

Payday Loans. What is a Payday Loan? What is it? –Form of Credit –Cash Loan –Unsecured –Extremely High Interest –Short-term (14 – 45 days) Also called.

Using Credit Wisely. Credit  Credit is a sum of money a person can use before having to reimburse the credit lender.  It allows a person to receive.

April 28, 2016 Entry task: Teachers need to include a rationale for their lesson plans, rationale is the "why are you teaching this and how will it impact.

Going Into Debt Chapter 4 - Economics. What is Credit? Receiving Funds to buy goods with the promise to pay funds back Allows middle class to purchase.

Payday Lending Michael S. Barr University of Michigan Law School.

Take Charge of Your Finances

Pay Day Loans How Do They Work?.

Read to Learn Define credit and indicate three factors that affect the interest that is paid. Name different groups in our economy who use credit. Identify.

Payday Loans And Other Lending Traps

Take Charge of Your Finances

*No Checking Account Payday Loans* Gain Advance Cash to Meet Your Financial Woes

Take Charge of Your Finances

Ch. 11 Credit & Debt.

Presentation transcript:

Be afraid, be very afraid!

Payday Loan Videos  Video 1 – Rachel Maddow Show on MSNBC Video 1 – Rachel Maddow Show on MSNBC

Payday Loan Videos  Payday Lender Video Payday Lender Video  Overdrawn Account Analogy  “The Reel Deal” “The Reel Deal”  The Center for Responsible Lending Response  Payday Lender Video 2 Payday Lender Video 2  Payday Loan Fees Comparison  “The Reel Deal” “The Reel Deal”  The Center for Responsible Lending Response  Final Payday Lender Warning Final Payday Lender Warning  Payday Lending- A 400% Interest Debt Trap

Payday Lending in Utah Utah payday loans, by the numbers  Average annual percentage rate charged %  Highest interest charged by a payday lender 1,564%  Average time a customer takes to pay off a loan 33 days  Average loan amount $358  Number of payday-loan stores in Utah: 565  Source: Utah Department of Financial Institutions  Salt Lake Tribune, 11/15/2013

2014 Amendments to Utah Law regarding Payday Lending The amended law…  gives borrowers 60 days after reaching the 10-week limit to pay off the debt without lenders taking further action against them.  requires lenders to file any default lawsuits where borrowers live or obtained the loan. Many lenders now make customers waive that right.  requires lenders to do at least minimal checking to see if borrowers can afford loans and rollovers. And it requires the industry to report to the state how many loans go the full 10 weeks, how many end up in default, and the amounts involved.