Payday Lending in the us: Who Borrows, Where They Borrow, and just why

Payday Lending in the us: Who Borrows, Where They Borrow, and just why

FAST SUMMARY

Each 12 months, 12 million borrowers save money than $7 billion on payday advances.

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