Pew – How Borrowers Choose and Repay Payday Loans

by Sabrina I. Pacifici on February 24, 2013

“For someone in need of quick cash, a payday loan can look like a way to avoid asking loved ones for help or getting into long-term debt. But these loans usually prove unaffordable, leaving borrowers in debt for an average of five months. This report — the second in Pew’s Payday Lending in America series — answers questions about why borrowers choose payday loans, how they ultimately repay the loans, and how they feel about their experiences.”

  • See also New York Times – Major Banks Aid in Payday Loans Banned by States, and related postings on the financial system
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