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Just How Borrowers Select and Repay Pay Day Loans

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Just How Borrowers Select and Repay Pay Day Loans

Payday Lending in the usa

FAST SUMMARY

A payday loan can look like a way to avoid asking loved ones for help or getting into long-term debt for someone in need of quick cash. 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 eventually repay the loans, and just 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 the full time.

These borrowers are working with persistent money shortfalls as opposed to short-term emergencies.

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