Read & Listen: Loans
OVERVIEW
On this page, you will learn about different types of loans.
- First, read the text.
- Then, listen to audio of the text.
READ & LISTEN
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Read:
There are bank loans for different things. People can borrow money to buy a car or a house. Sometimes students get student loans to pay for college. A business can also get a loan. Bank loans are usually for a longer time because the loans can be large and take a long time to pay off. They can be for three (3) years to thirty (30) years. The interest rates on bank loans are lower than payday loans or cash advances. This means a bank loan is usually a better choice than a payday loan.
Listen:
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Read:
Cash Advances are short-term loans. They are usually from a credit card. The APR is higher than regular credit card charges. There is also a fee.
Listen:
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Read:
Payday loans are short-term loans. People can borrow $100 to $1,000. The average loan time is two (2) weeks. Then you have to pay back the money plus the fees and interest. The interest is very high. It is about 400%! The fees are also very high. Payday loans have the highest rates of all loans.