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 Initial Loan Amount = $255 Initial Payday Loan Fee =$45 2 nd LoanAdditional Loan Fee = $45 3 rd LoanAdditional Loan Fee = $45 4 th LoanAdditional Loan Fee = $45 5 th LoanAdditional Loan Fee = $45 Total Amount Borrowed =$255 Total Fees/Interest = $225

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