A very short loan can cost a lot for the days it lasts.
A very short loan can cost a lot for the days it lasts. A payday loan means: borrow now, and pay it back on payday.
Omar borrowed ten pretend coins with a fee of three coins, so thirteen coins were due on payday.
When Omar was short, he paid the fee and the loan rolled over: two more weeks, a new fee, and the ten still owed.
A cash advance is a card that gives out cash, with a fee taken at once.
These are some of the questions on the sets. The printable sheets have more and an answer key.
13 coins. 10 + 3 = 13.
12 coins. 4 × 3 = 12, and the ten is still owed.
No. The fee buys more time, and the ten stays owed.
11 coins. 10 + 1 = 11.
With a grown-up, write three questions to ask before any loan: how many coins in all, when it is due, and what happens if it is late.
This is a story with pretend coins. Practice the three questions to ask before any loan: how many coins in all, when it is due, and what happens if it cannot be paid. A grown-up can help find other ways. Keep it about the story, not about your own family's money.
