Numerous borrowers come in a love-hate relationship with payday loan providers: they state the loans tear them down, yet the relief of quick money actually leaves them finding its way back to get more.
Pay day loans are advertised as short-term lines of credit, typically extended for a fortnight to simply help customers cope with with their next paycheck.
Every year, almost 12 million borrowers remove loans that are payday $375 each. Yet, just 14% are able to settle the $430 in principal and costs owed after a couple of weeks, based on a Pew Charitable Trusts report predicated on interviews with more than 700 borrowers. Continue reading “Us citizens in love-hate relationship with pay day loans”