{"activityType":[{"id":38377,"name":"Practical skills"}],"activityCategory":"Activity","completionTime":"30","cost":"Free","energy":"Focusing","equipmentList":[{"id":38356,"name":"A4 paper","description":"","type":"general"},{"id":38295,"name":"Pens or pencils","description":"","type":"general"},{"id":0,"name":null,"description":"Copies of the scenarios","type":"specific"}],"adjustments":"\u003Cp\u003ETo make this activity harder, you could create some harder scenarios.\u003C/p\u003E","firstProvidedBy":"","flexibilityStatement":"","groupSize":"Teams","guide":null,"meetsRequirements":[{"notes":"\u003Cp\u003E\u0026nbsp; \u0026nbsp; Use a spreadsheet or budgeting app and include tips for staying on track and avoiding debt.\u003C/p\u003E","subRequirementsToQualify":0,"numberOfTimeToComplete":0,"subRequirements":null,"tips":null,"optional":true,"id":85335,"nodeName":null,"title":null,"type":"","image":null,"assets":null,"headerOptions":null,"searchDescription":null,"subHeader":null,"browserTitle":null,"silktide":null,"canonicalUrl":null}],"countsTowardsBadges":[{"title":"Life Skills","sections":["Explorers"],"supportedBy":null,"badgeType":{"id":39282,"name":"Activity"},"activityTypes":[],"settings":[],"browserTitle":"Explorers Life Skills Activity Badge","url":"/explorers/activity-badges/life-skills/","id":85329,"nodeName":"Life Skills","type":"badge","image":{"url":"/media/d43eojis/activitybadge_ex_life-skills_rgb.png","caption":"Activitybadge Ex LIFE SKILLS RGB","type":"png","size":39731,"width":591,"height":591,"altText":""},"assets":null,"headerOptions":{"headerTitle":"Life Skills","headerSubTitle":null,"headerCta":null,"headerCtaText":null,"headerCtaLink":null,"headerBackgroundColour":null,"showSEOImage":false,"headerBackgroundImage":null,"quickLinks":null},"searchDescription":"","subHeader":"","silktide":"eyJjbXMiOiJVbWJyYWNvIiwiZWRpdG9yVXJsIjoiaHR0cHM6Ly9wcm9kLWNtcy5zY291dHMub3JnLnVrLy91bWJyYWNvIy9jb250ZW50L2NvbnRlbnQvZWRpdC84NTMyOSJ9","canonicalUrl":"https://www.scouts.org.uk/explorers/activity-badges/life-skills/"}],"outcome":[{"id":38451,"name":"Be a citizen","outcomeLabel":"Be a citizen","outcomeDescription":"Know that you\u2019re a local, national, and international citizen, and understand your responsibilities."},{"id":38433,"name":"Be responsible","outcomeLabel":"Be responsible","outcomeDescription":"Believe in doing the right thing, being trustworthy, and doing your best"}],"preparation":null,"preparationTime":"15","reflection":"\u003Cp\u003EIn this activity everyone learned about payday loans. 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Back by popular demand, we\u0027ve now expanded our Successful Money Skills programme for Beavers and Cubs by developing badges for Scouts and Explorers too. The activities focus on fun, active ways for young people to build their confidence and understanding around financial literacy.\u003Cbr\u003E\u0026nbsp;\u003Cbr\u003EThis isn\u2019t a new idea. Between 1916 and 1925, Scouts could earn the Thriftyman Proficiency Badge, which was all about the importance of practising saving from a young age. Today, we\u2019re taking it a little further. We\u2019re exploring how our money choices can benefit our community, learning about how different people use their money, and having plenty of fun with hands-on activities.\u003C/p\u003E","gtmId":"","gtmClass":""},{"gridType":"accordion","gtmId":"","gtmClass":"","showExpand":false,"items":[{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EResearch by the\u0026nbsp;\u003Ca id=\u0022menurprq\u0022 rel=\u0022noreferrer noopener\u0022 href=\u0022https://mascdn.azureedge.net/cms/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf\u0022 target=\u0022_blank\u0022 title=\u0022https://mascdn.azureedge.net/cms/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf\u0022 class=\u0022fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn\u0022 aria-label=\u0022Link Money Advice Service\u0022\u003EMoney Advice Service\u003C/a\u003E tells us that we usually form our habits around money by the age of seven. That\u2019s why we worked with HSBC UK to design these badges for Beavers and Cubs. After three years of success, awarding over 200,000 Money Skills badges to our younger sections, the time has come for us to extend this opportunity to our Scouts and Explorers too!\u003C/p\u003E\n\u003Cp\u003EThe badges aren\u2019t about maths or teaching young people what they should and shouldn\u2019t do with their money. They build on young people\u2019s decision-making skills, help them learn about the things that might influence their choices, and introduce some different cultural practices around money. Above all, they give young people to chance to get stuck in and practise handling money and making their own choices.\u003C/p\u003E\n\u003Cp\u003EThe new Money Skills Activity Badges are our opportunity to help young people prepare to deal with money, both at Scouts and in their personal lives.\u003C/p\u003E","label":"Why Money Skills matters to Scouts"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp class=\u0022rte-justify\u0022\u003E\u003Cspan\u003EWe knew that this bad\u003C/span\u003E\u003Cspan\u003Ege needed to be shaped by expert knowledge, including knowledge of what leaders, young people, and parents wanted from the badges. \u003C/span\u003EWe set up a working group of diverse volunteers from different religious background\u003Cspan\u003Es and \u003C/span\u003Elocations\u003Cspan\u003E (\u003C/span\u003E\u003Cspan\u003Eand \u003C/span\u003E\u003Cspan\u003Ewith\u003C/span\u003E different learning styles and experiences\u003Cspan\u003E)\u003C/span\u003E\u003Cspan\u003E \u2013\u00A0and we learned a lot.\u003C/span\u003E\u003C/p\u003E\n\u003Cp class=\u0022rte-justify\u0022\u003EOf course, our priority was to make sure \u003Cspan\u003Ethe badges:\u003C/span\u003E\u003C/p\u003E\n\u003Cul\u003E\n\u003Cli class=\u0022rte-justify\u0022\u003Epromote learning by doing,\u003C/li\u003E\n\u003Cli class=\u0022rte-justify\u0022\u003Erelate to Scout experiences,\u003C/li\u003E\n\u003Cli class=\u0022rte-justify\u0022\u003Eand are as fun and active as possible.\u003C/li\u003E\n\u003C/ul\u003E\n\u003Cp\u003EWe worked with our dedicated volunteers to design the badge requirements, \u003Cspan\u003Ethen\u003C/span\u003E tested them around the UK. \u003Cspan\u003EPeople\u2019s f\u003C/span\u003Eeedback told us what worked best, and we\u003Cspan\u003E le\u003C/span\u003E\u003Cspan\u003Earned where we\u003C/span\u003E needed to make \u003Cspan\u003Echanges \u003C/span\u003Eto \u003Cspan\u003Emake every 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for others\u003Cspan\u003E.\u003C/span\u003E\u003C/li\u003E\n\u003Cli\u003EYoung people and leaders wanted activities that \u003Cspan\u003Eg\u003C/span\u003E\u003Cspan\u003Ei\u003C/span\u003E\u003Cspan\u003Eve young people the chance to\u003C/span\u003E practise \u003Cspan\u003Eusing\u003C/span\u003E money in a safe way\u003Cspan\u003E.\u003C/span\u003E\u003C/li\u003E\n\u003Cli\u003ESome \u003Cspan\u003El\u003C/span\u003Eeaders gave us advice on how to respectfully \u003Cspan\u003Ereference\u003C/span\u003E their religious practices around money.\u003C/li\u003E\n\u003Cli\u003E\u003Cspan\u003ESome leaders \u003C/span\u003Etold us how to engage young people who struggle with maths by creating practical and creative activities.\u003C/li\u003E\n\u003Cli\u003EParents wanted to make sure activities are respectful of\u003Cspan\u003E people\u003C/span\u003E\u003Cspan\u003E\u2019s\u003C/span\u003E different financial 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Always check the weather forecast, and inform parents and carers of any change in venue.\u003C/span\u003E\u003Cspan\u003E\u003C/span\u003E\u003C/p\u003E"}],"safetyAlert":"","safetyTags":[],"deliveryMethods":"","permitRequired":false,"scoutLedQualifications":[],"guidance":null,"aalaRequired":false,"externalQualifications":[],"exceptions":[],"listingVideoUrl":"","disableBasicSafetyChecklist":false,"likes":0,"activitiesAdditionalInfo":{"inclusivityStatement":"\u003Cp\u003EAll Scout activities should be \u003Ca rel=\u0022noopener\u0022 href=\u0022https://www.scouts.org.uk/volunteers/inclusion-and-diversity/supporting-those-with-additional-needs-and-neurodiversity/reasonable-adjustments/badges-and-awards/\u0022 target=\u0022_blank\u0022 title=\u0022Guidance on flexibility\u0022\u003Einclusive and accessible.\u003C/a\u003E\u003C/p\u003E","standardSafetyAlert":"\u003Cp\u003EAll activities must be safely managed. You must complete a thorough \u003Ca href=\u0022/volunteers/staying-safe-and-safeguarding/risk-assessments/\u0022 title=\u0022Risk assessments\u0022\u003Erisk assessment\u003C/a\u003E\u0026nbsp;and take appropriate steps to reduce risk. Use the \u003Ca href=\u0022/volunteers/staying-safe-and-safeguarding/safe-scouting-cards/staying-safe-safety-checklist/staying-safe-leaders/\u0022 title=\u0022Staying Safe - Leaders\u0022\u003Esafety checklist\u003C/a\u003E to help you plan and risk assess your activity. Always get\u0026nbsp;\u003Ca href=\u0022/volunteers/running-your-section/programme-guidance/information-for-volunteers/general-activity-guidance-a-z/approving-activities-guidance-for-lead-volunteers/\u0022 title=\u0022Approving Activities - Guidance for Lead Volunteers\u0022\u003Eapproval for the activity\u003C/a\u003E, and have suitable\u0026nbsp;\u003Ca href=\u0022/volunteers/staying-safe-and-safeguarding/safety/planning-and-assessing-risk/guidance-for-supervision-of-activities/\u0022 title=\u0022Guidance for supervision of activities\u0022\u003Esupervision\u003C/a\u003E\u0026nbsp;and an \u003Ca href=\u0022/volunteers/running-your-section/intouch/\u0022 title=\u0022InTouch\u0022\u003EInTouch\u003C/a\u003E process.\u003C/p\u003E\n\u003Cp\u003EYou must run your activities in line with the \u003Ca href=\u0022/volunteers/staying-safe-and-safeguarding/safe-scouting-cards/safeguarding-code-of-conduct-for-adults-yellow-card/\u0022 title=\u0022Safeguarding Code of Conduct for Adults - Yellow Card\u0022\u003ESafeguarding Code of Conduct for Adults (Yellow Card)\u003C/a\u003E and report any concerns to the UK HQ Safeguarding Team.\u003C/p\u003E","basicChecklist":"\u003Cul\u003E\n\u003Cli\u003EComplete a \u003Ca href=\u0022/volunteers/staying-safe-and-safeguarding/risk-assessments/\u0022 title=\u0022Risk assessments\u0022\u003Erisk assessment\u003C/a\u003E\u003C/li\u003E\n\u003Cli\u003EHave the right \u003Ca href=\u0022/volunteers/running-your-section/adult-to-young-people-ratios/\u0022 title=\u0022Adult to Young People ratios\u0022\u003Eratios\u003C/a\u003E of number of adults to provide suitable\u0026nbsp;\u003Ca rel=\u0022noopener\u0022 href=\u0022/volunteers/staying-safe-and-safeguarding/safety/planning-and-assessing-risk/guidance-for-supervision-of-activities/\u0022 target=\u0022_blank\u0022 title=\u0022Guidance for supervision of activities\u0022\u003Esupervision\u003C/a\u003E\u003C/li\u003E\n\u003Cli\u003ESet up an \u003Ca href=\u0022/volunteers/running-your-section/intouch/\u0022 title=\u0022InTouch\u0022\u003EInTouch\u003C/a\u003E process\u003C/li\u003E\n\u003Cli\u003E\u003Ca href=\u0022/volunteers/staying-safe-and-safeguarding/safe-scouting-cards/safe-scouting-and-emergency-procedures/\u0022 title=\u0022Safe Scouting and Emergency Procedures\u0022\u003EKnow what to do in an emergency\u003C/a\u003E\u003C/li\u003E\n\u003Cli\u003E\u003Cspan\u003EShare information with parents and carers with an\u003C/span\u003E \u003Ca href=\u0022/volunteers/running-your-section/programme-guidance/general-activity-guidance/activity-information-form/\u0022 title=\u0022Activity information form\u0022\u003E\u003Cspan\u003Eactivity information\u003C/span\u003E\u003Cspan\u003E form\u003C/span\u003E\u003C/a\u003E\u003C/li\u003E\n\u003Cli\u003EGet \u003Ca href=\u0022/volunteers/running-your-section/programme-guidance/information-for-volunteers/general-activity-guidance-a-z/approving-activities-guidance-for-lead-volunteers/\u0022 title=\u0022Approving Activities - Guidance for Lead Volunteers\u0022\u003Eapproval from your Lead Volunteer.\u003C/a\u003E\u003C/li\u003E\n\u003C/ul\u003E","scoutLedAvailable":"\u003Cp\u003EThis activity can be led by you or someone else in Scouts:\u003C/p\u003E","permitRequired":"\u003Cp\u003EThe activity leader must have an \u003Ca href=\u0022/volunteers/running-your-section/programme-guidance/activity-permit-scheme/adventurous-activity-permit-scheme/\u0022 title=\u0022Adventurous Activity Permit Scheme\u0022\u003Eadventurous activities permit\u003C/a\u003E with the right level and permissions for your group.\u003C/p\u003E","externallyLedAvailable":"\u003Cp\u003EYou can go to a centre or use an activity leader who\u0027s not part of Scouts:\u003C/p\u003E","aalaRequired":"\u003Cp\u003E\u003Ca rel=\u0022noopener\u0022 href=\u0022https://www.hse.gov.uk/aala/index.htm\u0022 target=\u0022_blank\u0022 title=\u0022AALA licence\u0022\u003EAn AALA licence is required\u003C/a\u003E.\u003C/p\u003E","aalaExempt":"\u003Cp\u003EIf the provider is exempt from the AALA licence.\u003C/p\u003E","publicLiabilityInsurance":"\u003Cp\u003EThe provider must have public liability insurance.\u003C/p\u003E","actvityLink":"/activities/"},"duration":30,"instructions":{"layouts":[{"type":"singleColumn","areas":[{"items":[{"gridType":"accordion","gtmId":"","gtmClass":"","showExpand":false,"items":[{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EA payday loan is a quick loan you borrow for a short time, but it costs a lot of extra money called high interest. It might seem like an easy way to get cash fast, but the fees can add up quickly and make it hard to pay back.\u003C/p\u003E\n\u003Cp\u003EIf you don\u2019t pay it back on time, you could owe even more and get stuck in a cycle of debt. This can cause serious money problems and stress.\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003EIf you\u2019re having money troubles, don\u2019t turn to payday loans. Instead, talk to a trusted adult, such as a family member or teacher, or contact a free money advice service, such as your bank, Citizens Advice, StepChange, or MoneyHelper. They can help you find safer ways to manage your money and get support.\u0026nbsp;\u003C/p\u003E\n\u003Cp data-start=\u0022481\u0022 data-end=\u0022512\u0022\u003E\u003Cstrong\u003EHow to spot pay day loans:\u003C/strong\u003E\u003C/p\u003E\n\u003Cul\u003E\n\u003Cli data-start=\u0022515\u0022 data-end=\u0022572\u0022\u003EThey promise quick cash with little or no credit check.\u003C/li\u003E\n\u003Cli data-start=\u0022575\u0022 data-end=\u0022652\u0022\u003EThey require you to pay back the loan very fast, often by your next payday.\u003C/li\u003E\n\u003Cli data-start=\u0022655\u0022 data-end=\u0022696\u0022\u003EThey ask for your bank details upfront.\u003C/li\u003E\n\u003Cli data-start=\u0022699\u0022 data-end=\u0022745\u0022\u003EThey have very high interest rates and fees.\u003C/li\u003E\n\u003Cli data-start=\u0022748\u0022 data-end=\u0022798\u0022\u003EThey use urgent language, pushing you to act fast.\u003C/li\u003E\n\u003C/ul\u003E\n\u003Cp\u003E\u003Cstrong\u003ESome examples:\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003EJack needed \u00A3200 quickly to fix his bike. He took out a payday loan, but it came with very high fees. When it was time to pay it back, he owed \u00A3280 instead of just \u00A3200. Since Jack couldn\u2019t pay the extra amount all at once, the debt kept growing, causing him more stress and money problems.\u003C/p\u003E\n\u003Cp data-start=\u0022481\u0022 data-end=\u0022779\u0022\u003EDarcy needed \u00A3200 for new university supplies, but didn\u2019t want to get stuck with a payday loan\u2019s high fees. She asked her parents if she could borrow the money and agreed to pay them back slowly from her part-time job. This way, Darcy avoided expensive debt and got the help she needed.\u003C/p\u003E","label":"What\u2019s a payday loan?"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EThis activity may touch on sensitive topics, such as food, money or food banks, which some young people or their families might be affected by.\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003EIt\u2019s important to create a safe, positive and supportive space where everyone feels comfortable. Let everyone know it\u2019s okay to ask questions, say if they feel unsure, or step away at any time. Always follow the \u003Ca href=\u0022https://www.scouts.org.uk/volunteers/staying-safe-and-safeguarding/safe-scouting-cards/safeguarding-code-of-conduct-for-adults-yellow-card/\u0022\u003EYellow Card\u003C/a\u003E.\u003C/p\u003E\n\u003Cp\u003EYou might need to make adjustments, such as:\u003C/p\u003E\n\u003Cul\u003E\n\u003Cli\u003ETell people about the activity in advance\u003C/li\u003E\n\u003Cli\u003EOffer the option to leave or do an alternative activity\u003C/li\u003E\n\u003Cli\u003ESpeak with parents or carers beforehand\u003C/li\u003E\n\u003Cli\u003ERemind everyone they can talk to a trusted adult if they\u2019re upset or worried\u003C/li\u003E\n\u003C/ul\u003E\n\u003Cp\u003EYou can offer trusted support services if needed, such as Childline (0800 1111), Citizen\u2019s Advice (0808 223 1133) and Crimestoppers (0800 555 111).\u003C/p\u003E\n\u003Cp\u003EThe \u003Ca href=\u0022https://www.trusselltrust.org/\u0022\u003ETrussell Trust\u003C/a\u003E is a great place to start \u003Ca href=\u0022https://www.trussell.org.uk/emergency-food\u0022\u003Elooking for a food bank near you\u003C/a\u003E.\u0026nbsp;You can find details of\u0026nbsp;\u003Ca href=\u0022https://www.foodaidnetwork.org.uk/our-members\u0022\u003Eindependent food banks\u003C/a\u003E online. The UK Government have some\u0026nbsp;\u003Ca href=\u0022https://www.gov.uk/debt-advice\u0022\u003Edebt advice support\u003C/a\u003E too.\u003C/p\u003E\n\u003Cp\u003EMake sure that all adult volunteers and young leaders keep all discussions age-appropriate and supportive.\u003C/p\u003E","label":"Create a safe and supportive space when talking about money"}]},{"gridType":"RichTextBlock","content":"\u003Cp\u003E\u0026nbsp;\u003C/p\u003E\n\u003Ch3\u003EBefore you begin\u003C/h3\u003E\n\u003Cul\u003E\n\u003Cli\u003EUse the\u0026nbsp;\u003Ca rel=\u0022noopener\u0022 href=\u0022https://www.scouts.org.uk/volunteers/staying-safe-and-safeguarding/safe-scouting-cards/staying-safe-safety-checklist/staying-safe-section-volunteers/\u0022 target=\u0022_blank\u0022 title=\u0022Staying Safe - Section Volunteers\u0022\u003Esafety checklist\u003C/a\u003E\u0026nbsp;to help you plan and risk assess your activity. There\u2019s also more guidance to help you carry out your\u0026nbsp;\u003Ca rel=\u0022noopener\u0022 href=\u0022https://www.scouts.org.uk/volunteers/staying-safe-and-safeguarding/risk-assessments/\u0022 target=\u0022_blank\u0022 title=\u0022Risk assessments\u0022\u003Erisk assessment\u003C/a\u003E, including examples.\u003C/li\u003E\n\u003Cli\u003EMake sure all young people and adults involved in the activity know how to take part safely.\u003C/li\u003E\n\u003Cli\u003EMake sure you\u2019ll have enough adult helpers. You may need some parents and carers to help.\u003C/li\u003E\n\u003C/ul\u003E","gtmId":"","gtmClass":""},{"gridType":"RichTextBlock","content":"\u003Ch3\u003EPlanning and setting up this activity\u003C/h3\u003E\n\u003Cul\u003E\n\u003Cli\u003EPrint out or write out the scenarios and answers.\u003C/li\u003E\n\u003C/ul\u003E","gtmId":"","gtmClass":""},{"gridType":"RichTextBlock","content":"\u003Ch3\u003ERunning this activity\u0026nbsp;\u003C/h3\u003E\n\u003Col\u003E\n\u003Cli\u003EGather the group and ask if anyone knows what a payday loan is. You could use the information on this page.\u003C/li\u003E\n\u003Cli\u003EGet into small groups.\u003C/li\u003E\n\u003Cli\u003EGive each group a pen and paper. You may wish to give each group a copy of the scenarios too.\u003C/li\u003E\n\u003Cli\u003EExplain that you\u2019ll read out the scenarios, then they should decide whether it\u2019s a safe financial decision or payday loan.\u003C/li\u003E\n\u003Cli\u003ETeams should write down their answers.\u003C/li\u003E\n\u003Cli\u003EThe team that gets the most correct answers wins.\u0026nbsp;\u003C/li\u003E\n\u003C/ol\u003E","gtmId":"","gtmClass":""}]}],"config":null},{"type":"fullWidth","areas":[{"items":[{"gridType":"RichTextBlock","content":"\u003Ch3\u003EScenarios and answers\u003C/h3\u003E","gtmId":"","gtmClass":""},{"gridType":"accordion","gtmId":"","gtmClass":"","showExpand":true,"items":[{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003ETom\u2019s phone broke just before his big exam. He\u2019s offered \u00A3100 from a loan company. He\u2019s told he must pay it back in full in two weeks, plus \u00A3120 in fees. However, if he repays it early, there\u2019s no extra charge.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Payday loan\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: The short repayment period (2 weeks) and very high fee (\u00A3120 on a \u00A3100 loan) are typical of payday loans. These are often considered predatory because of the high cost and short repayment time.\u0026nbsp;\u003C/p\u003E","label":"Scenario 1: Tom\u2019s urgent phone repair"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EAisha needs \u00A3300 to repair her car. A bank offers her a loan of \u00A3300 with a fixed interest rate of 5% per year. The loan will be repaid over 12 months, with payments of \u00A325 per month.\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Legitimate loan\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: This loan comes from a bank with a low fixed annual interest rate (5%) and a clear, manageable repayment plan over 12 months. This is standard for legitimate personal loans.\u0026nbsp;\u003C/p\u003E","label":"Scenario 2: Aisha\u2019s bank loan"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EMatt has \u00A350 left to pay for his rent. A loan website offers him a \u00A3350 loan with the promise that he\u2019ll receive the money in minutes. However, they charge a \u00A3150 fee for the loan. He must repay it in 10 days.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Payday loan\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: The short repayment period (10 days) and high fee (\u00A3150 on a \u00A3350 loan) are classic signs of a payday loan. The fast money and high cost make it risky.\u0026nbsp;\u003C/p\u003E","label":"Scenario 3: Matt\u0027s fast cash fix"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EOlivia needs to pay her car insurance, but she doesn\u2019t have enough money. A company offers her a \u00A3500 loan. The loan can be paid back over 3 months with a small interest rate, and the company doesn\u2019t charge any early repayment fees.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Legitimate loan\u00A0\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: It has a clear small interest rate over 3 months with no penalty for early repayment. The terms are transparent and not excessive, unlike payday loans.\u003C/p\u003E","label":"Scenario 4: Olivia\u2019s car insurance"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003ELeo needs \u00A3200 for an emergency. A loan company offers him \u00A3200 immediately, but they charge a high interest rate (400% APR), so he has to pay back \u00A3800. He must pay back the full amount in 14 days. If he misses the payment date, he will be charged even more.\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Payday loan\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: A 400% APR and 14-day repayment term are defining characteristics of a payday loan. The high penalty for missing a payment is also a red flag.\u0026nbsp;\u003C/p\u003E","label":"Scenario 5: Leo\u2019s emergency loan"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EKamil needs \u00A3100 for a train ticket to get home. A company offers him \u00A3100 but promises that if he repays within 10 days, he won\u2019t have to pay any interest or fees. If he doesn\u2019t repay on time, he will owe \u00A3250.\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Payday loan\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: While it seems interest-free at first, the penalty for late repayment (\u00A3250 on a \u00A3100 loan) is extremely high and predatory. This bait-and-switch tactic is common in payday scams.\u0026nbsp;\u003C/p\u003E","label":"Scenario 6: Kamil\u2019s quick cash"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003ETilly is offered \u00A3500 from a payday loan company to help her buy furniture for her new flat. The loan must be paid back in 2 weeks with a 500% interest rate, but they promise no fees if she repays early.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Payday loan\u0026nbsp;\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: The 500% interest rate and 2-week repayment period are standard features of a payday loan. Even if there are no fees for early repayment, the high repayment makes it suspicious \u2013 it\u2019s a scam!\u0026nbsp;\u003C/p\u003E","label":"Scenario 7 - Tilly\u0027s new  furniture"},{"gridType":"accordionItem","gtmId":"","gtmClass":"","body":"\u003Cp\u003EJamie needs \u00A3300 to repair their games console. A bank offers them a loan with a low interest rate and a manageable repayment plan spread over a year.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAnswer\u003C/strong\u003E: Legitimate loan\u00A0\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EWhy\u003C/strong\u003E: This is a bank loan with a low interest rate and a reasonable repayment term (one year), which are signs of a legitimate and safe lending option.\u00A0\u003C/p\u003E","label":"Scenario 8 - Jamie\u2019s broken games console"}]},{"type":"Promo","cta":"","body":"\u003Cp\u003EThe aim of this activity is to educate the young people about payday loans, the potential risks, and how to spot financial scams. The activity will involve teams working together to analyse scenarios, spot the scams, and decide which options are wise and which are risky. Teams will compete against each other to get the most correct answers.\u0026nbsp;\u003C/p\u003E","link":null,"colour":"#f1f1f1","title":"Aim of the activity","image":null,"imageFocus":"","imageId":0,"imageKey":"00000000-0000-0000-0000-000000000000","imageCrop":"","gridType":"card","gtmId":"","gtmClass":""}]}],"config":null}]},"ownerAuthor":null,"porRules":null,"id":85749,"nodeName":"Payday loan quick quiz","title":"Payday loan quick quiz","type":"activity","image":{"url":"/media/13887/hsbc.png?width=800\u0026height=450\u0026v=1d9bece96d5ba70","caption":"HSBC Partnership","type":"png","size":134038,"width":1920,"height":1080,"altText":"A name badge with the HSBC UK logo on it, stating \u2018created in partnership with\u2019 at the top."},"assets":[],"headerOptions":{"headerTitle":"Payday loan quick quiz","headerSubTitle":null,"headerCta":null,"headerCtaText":null,"headerCtaLink":null,"headerBackgroundColour":null,"showSEOImage":false,"headerBackgroundImage":null,"quickLinks":null},"searchDescription":"Get savvy about payday loans, learn about the potential risks and know how to spot them.","subHeader":"Get savvy about payday loans, learn about the potential risks and know how to spot them.","browserTitle":null,"silktide":"eyJjbXMiOiJVbWJyYWNvIiwiZWRpdG9yVXJsIjoiaHR0cHM6Ly9wcm9kLWNtcy5zY291dHMub3JnLnVrLy91bWJyYWNvIy9jb250ZW50L2NvbnRlbnQvZWRpdC84NTc0OSJ9","canonicalUrl":"https://www.scouts.org.uk/activities/payday-loan-quick-quiz/"}