Payday Lending in the usa: Who Borrows, Where They Borrow, and exactly why

Payday Lending in the usa: Who Borrows, Where They Borrow, and exactly why

FAST SUMMARY

Each 12 million borrowers spend more than $7 billion on payday loans year.

This report—the first in Pew’s Payday Lending in the usa series—answers questions that are major who borrowers are demographically; just exactly how individuals borrow; exactly how much they invest; why they normally use pay day loans; the other choices they usually have; and whether state laws reduce borrowing or simply just drive borrowers online. Continue reading “Payday Lending in the usa: Who Borrows, Where They Borrow, and exactly why”