The Average Payday Loan Borrower Spends More Than Half The Year In Debt To Lender

Consumerist

loanfrequencyThe idea of the payday loan — a short-term, high-interest loan intended to help the borrower stay afloat until his next paycheck — is not inherently a bad notion. However, a new study confirms what we’ve been saying for years: That many payday borrowers are taking out loans they can’t pay back in the short-term, and that lenders rely on this revolving door format to keep the fees rolling in.

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