1. Money Sense Workshop

2. What is a payday loan?

3. A pay day loan is a small amount of money lent to you with a high rate of interest with the agreement that it will be repaid once the borrower has received their next wages.

4. Generally the type of people who are most likely to take out a payday loan are people that are:

5.  In debt

6. Generally the type of people who are most likely to take out a payday loan are people that are:  In debt  Struggling to pay bills

7. Generally the type of people who are most likely to take out a payday loan are people that are:  In debt  Struggling to pay bills  In need of quick money

8. Generally the type of people who are most likely to take out a payday loan are people that are:  In debt  Struggling to pay bills  In need of quick money  Looking to potentially make profit

9. Generally the type of people who are most likely to take out a payday loan are people that are:  In debt  Struggling to pay bills  In need of quick money  Looking to potentially make profit  Struggling to provide for themselves an their family

10. Some payday lenders you may have heard of are…

14. How do they work?

15. A loan is taken out by your payday lender and is sent directly in to your bank account.

16. How do they work? A loan is taken out by your payday lender and is sent directly in to your bank account. You will usually be given a pay date in which is your set allocated deadline to payback you loan AND interest rate.

17. How do they work? A loan is taken out by your payday lender and is sent directly in to your bank account. You will usually be given a pay date in which is your set allocated deadline to payback you loan AND interest rate. On the repayment day the lender takes the full amount you owe, plus interest directly from your bank account.

18. How do they work? A loan is taken out by your payday lender and is sent directly in to your bank account. You will usually be given a pay date in which is your set allocated deadline to payback you loan AND interest rate. On the repayment day the lender takes the full amount you owe, plus interest directly from your bank account. Sounds simple, right?

19. How do they work? A loan is taken out by your payday lender and is sent directly in to your bank account. You will usually be given a pay date in which is your set allocated deadline to payback you loan AND interest rate. On the repayment day the lender takes the full amount you owe, plus interest directly from your bank account. Sounds simple, right? WRONG.

20. Some payday loans can lead you into an even larger debt than you were already in.

22. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back.

23. In the months January to June:

24. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back. In the months January to June: £72,210,340 123,159 43,716 £1,652

25. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back. In the months January to June: £72,210,340 - 123,159 43,716 £1,652 Total payday loan debt handled by Step Change Debt Charity

26. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back. In the months January to June: £72,210,340 - 123,159 - 43,716 £1,652 Total payday loan debt handled by Step Change Debt Charity Total number of payday loan debts handled by Step Change

27. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back. In the months January to June: £72,210,340 - 123,159 - 43,716 - £1,652 Total payday loan debt handled by Step Change Debt Charity Total number of payday loan debts handled by Step Change Number of people with payday loan debts

28. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back. In the months January to June: £72,210,340 - 123,159 - 43,716 - £1,652 - Total payday loan debt handled by Step Change Debt Charity Total number of payday loan debts handled by Step Change Number of people with payday loan debts Average total payday debt per client

29. Step change are a debt charity that help people who have taken out a payday loan and are now struggling to pay them back. In the months January to June: £72,210,340 - 123,159 - 43,716 - £1,652 - Total payday loan debt handled by Step Change Debt Charity Total number of payday loan debts handled by Step Change Number of people with payday loan debts Average total payday debt per client

30. 10 things you should know about payday lenders:

31. 1) Interest rates are very high It may sound cheap at first but overtime, you may end up owing back double what you borrowed. There will also be charges for paying late.

32. 10 things you should know about payday lenders: 1) Interest rates are very high It may sound cheap at first but overtime, you may end up owing back double what you borrowed. There will also be charges for paying late. 2) Lenders get access to your bank account Most pay day lenders collect repayments from your debit card. This allows lenders to take payments from your bank without having to checking with you first.

33. 10 things you should know about payday lenders: 1) Interest rates are very high It may sound cheap at first but overtime, you may end up owing back double what you borrowed. There will also be charges for paying late. 2) Lenders get access to your bank account Most pay day lenders collect repayments from your debit card. This allows lenders to take payments from your bank without having to checking with you first. 3) You have a right to cancel payments

34. 10 things you should know about payday lenders: 4) Payday loans are only for very short periods of time A payday loan is just that – money you borrow until your next payday, repaid all at once. Nearly 30% of borrowers can’t pay back on time and end up borrowing the same amount of money again and just payback the interest. Over time you’re interest will increase you will find yourself in deeper debt.

35. 10 things you should know about payday lenders: 4) Payday loans are only for very short periods of time A payday loan is just that – money you borrow until your next payday, repaid all at once. Nearly 30% of borrowers can’t pay back on time and end up borrowing the same amount of money again and just payback the interest. Over time you’re interest will increase you will find yourself in deeper debt. 5. Make sure you can afford to pay back If your budget shows that you can’t payback, try think of otherways to make the money. Can you borrow it off family or a close friend?

36. 10 things you should know about payday lenders: 6) If you don't repay, you may be pestered or intimidated If you don't pay on time lenders will want to contact you to find out what the problem is. Some lenders may contact you several times a day in order to receive their repayment.

37. 10 things you should know about payday lenders: 6) If you don't repay, you may be pestered or intimidated If you don't pay on time lenders will want to contact you to find out what the problem is. Some lenders may contact you several times a day in order to receive their repayment. 7) Loans are quick, but customer service can be very poor