Instructional Video

Khan Academy: Payday Loans

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Payday loans, which are sometimes called cash advances, are a form of unsecured short-term loans that are typically associated with very high interest rates. In this video [10:46] we explore an example of a payday loan and use that to better understand the defining characteristics of a payday loan, and how they translate into an effective interest rate.

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Classroom Considerations
  • Knovation Readability Score: 4 (1 low difficulty, 5 high difficulty)