Exactly Exactly How Borrowers Select and Repay Payday Advances

Exactly Exactly How Borrowers Select and Repay Payday Advances

For somebody looking for fast money, an online payday loan can appear to be ways to avoid asking family for assistance or engaging in long-term financial obligation. However these loans often prove unaffordable, making borrowers with debt for on average five months.

This report—the second in Pew's Payday Lending in America series—answers questions regarding why borrowers choose payday advances, the way they finally repay the loans, and exactly how they experience their experiences.

Key Findings

1. Fifty-eight percent of cash advance borrowers have difficulty fulfilling expenses that are monthly least half the full time. (more…)

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