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Early Payday

Banking

KAHOOT

VERSION

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  • Which of the following is a top early payday app?

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  • Cash App
  • Paypal App
  • Earnin App
  • Robin Hood

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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  • Which of the following is a top early payday app?

​

  • Cash App
  • Paypal App
  • Earnin App
  • Robin Hood

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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2. Payday loans are known to charge fees of up to:

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  • 30%
  • 50%
  • 150%
  • 400%

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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2. Payday loans are known to charge fees of up to:

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  • 30%
  • 50%
  • 150%
  • 400%

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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3. Some of the highest-rate credit cards charge fees of about:

  • 15%
  • 20%
  • 30%
  • 35%

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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3. Some of the highest-rate credit cards charge fees of about:

  • 15%
  • 20%
  • 30%
  • 35%

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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4. What is one pro of advance payday apps?

  • Early access to emergency funds
  • High-interest rate loans
  • Automatic approval for a credit card
  • A boost to your credit score

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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4. What is one pro of advance payday apps?

  • Early access to emergency funds
  • High-interest rate loans
  • Automatic approval for a credit card
  • A boost to your credit score

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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5. What is one argument against using early payday apps?

  • They often assist with one-time emergencies
  • They can help with long term financial planning
  • They temporarily boost your credit score
  • They increase your savings rate

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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5. What is one argument against using early payday apps?

  • They often assist with one-time emergencies
  • They can help with long term financial planning
  • They temporarily boost your credit score
  • They increase your savings rate

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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You’ve completed the exercise, now it’s time to learn

more about the current event:

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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Discussion Prompt:

Would you use an app that lets you access your paycheck early? Why or why not?

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE

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Extend Your Learning

Three Relevant Resources from NGPF:

  • Predatory Lending (Lesson Plan)
  • What percentage of Americans can not cover a $400 emergency with cash/savings

account emergency fund? (Question of the Day)

  • NGPF On-Demand: Payday Loans & Cash Advance Apps (Blog)

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References:

  • 5 Payday Advance Apps (US News)
  • 13 Best Paycheck Advance Apps to Help You Make It to Payday (MoneyCrashers)
  • Apps Will Get You Paid Early, for a Price (NY Times)
  • How To Get Your Paycheck Early (Forbes)
  • 12 bank accounts that process paychecks up to 2 days faster (Business Insider)

EARLY PAYDAY | MARCH 26, 2021 EDITION | NEXT GEN PERSONAL FINANCE