FAST SUMMARY
Each year, 12 million borrowers save money than $7 billion on pay day loans.
This report—the first in Pew’s Payday Lending in the usa series—answers major questions regarding whom borrowers are demographically; just just how individuals borrow; exactly how much they invest; why they normally use pay day loans; how many other choices they will have; and whether state laws reduce borrowing or simply just drive borrowers online.
Key Findings
1. Who Utilizes Pay Day Loans?
Twelve million American grownups utilize pay day loans yearly. An average of, a debtor removes eight loans of $375 each per 12 months and spends $520 on interest. Continue reading “Payday Lending in the usa: Who Borrows, Where They Borrow, and just why”