Shady Sam
A quick loan given to people who really need money fast with a high interest rate
What is a pay day loan?
This is a budget system that divides your income into three categories
What is 50/30/20?
This is a small percentage of money the bank pays you for keeping money in their bank
What is interest?
This is the amount of money you should pay yourself out of your monthly income
What is 10 percent?
The better interest rate for a credit card 7% or 10 %
What is 7 %?
This type of interest rate makes the lender the most money
What is a high interest rate?
This is the biggest category and goes to needs
What is 50 percent?
This type of checking account is for when you want access to your money at any time and are OK with earning minimal to no interest.
What is a checking account?
This is the basic amount a weeks worth of groceries costs
What is 200 dollars?
The better interest rate for a loan 200 or 100 percent for a borrower
What is 100 percent?
This length of term makes the lender the least amount of money
What is a short term loan?
This is the smallest category and goes to savings
What is 20 percent?
This type of account is for when you don't need access to your money often and would like to leave it in a secure account that earns some interest.
What is a savings account?
This the best way to make decisions when staying within a budget
What is consider costs and quality of each category and choose a combination of cheap and good quality options?
If you are a loan shark what type of interest is best fixed or variable?
What is variable?
This type of interest stays the same the entire duration of the loan
What is a fixed rate loan?
This refers to something you would like to have but is not necessary for your survival
What is a want?
This is a loan from an investor to a borrower such as a company or government. The borrower uses the money to fund its operations, and the investor receives interest on the investment.
What is a bond?
This is the best way for a person to increase their earning power during their lifetime
What is increase their education and skill level?
This is what it is called when a person takes out a payday loan with a high interest rate and has to keep taking out loans to pay off the original loan
What is the debt cycle?
This type of interest rate changes and can go up drastically during the duration of the loan
What is a variable interest rate?
This refers to something you absolutely need to live such as food and water,
What is a need?
This is 4 percent interest on 10000
What is 400 dollars?
10000*.04
Why might someone purchase insurance?
To cover costs incurred from damage or injury or medical expenses
This is a better alternative to a high interest pay day loan
What is a credit union bank loan, credit card or loan from a friend?