Payday loans are a small, scorned part of the financial industry. But in the states where such lenders are legal, they are pervasive — there are almost as many payday lenders as McDonald’s and Starbucks in the United States. About 12 million Americans take out such loans each year, spending more than $7 billion on fees, according to Pew Charitable Trusts.

Link to the Student Activity PDF.

Link to the Teacher Notes and Solutions PDF.

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