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Loan Basics 30 min

  • Level 2

Additional Materials: Electronic Device(s) to Watch Video

Introduce loan options with this video: Loan Basics. The video gives a thorough overview of loan options. Use the video to answer the following questions:

Note: The video is short and sweet and covers a lot of information quickly; you may want to stop the video to help students catch up and point out specific information.

  • List the types of loans available.
  • Define the following: Principle, Interest, and Term.
  • Compare secured versus unsecured.
  • What does collateral mean when referring to loan options? 
  • What are interest rates affected by?
  • What is a credit score and how can it affect your loan options?
  • How does your “life situation” affect taking out a loan?
  • Co-signer — who’s that? Explain.
  • Define fixed and variable interest rates.

Closure: Getting a loan is a big step financially and shouldn’t be taken lightly.


Why do you think taking out a loan is a significant financial decision? Explain.

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