Just Exactly How Borrowers Select and Repay Payday Advances Payday Lending in the usa FAST SUMMARY For somebody looking for fast money, a quick payday loan can appear to be an approach to avoid asking family members for assistance or engaging in long-lasting financial obligation. However these loans frequently 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 fundamentally repay the loans, and exactly how they experience their experiences. Key Findings 1. Fifty-eight percent of pay day loan borrowers have difficulty fulfilling month-to-month costs at least half enough…
