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

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

QUICK 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 major questions regarding whom borrowers are demographically; just exactly how individuals borrow; simply 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 Payday Advances? Continue reading “Payday Lending in the us: Who Borrows, Where They Borrow, and exactly why”