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Payday Lending in the usa: Who Borrows, Where They Borrow, and exactly why

September 23, 2020

Payday Lending in the usa: Who Borrows, Where They Borrow, and exactly why

FAST SUMMARY

Each 12 million borrowers spend more than $7 billion on payday loans year.

This report—the first in Pew’s Payday Lending in the usa series—answers major questions regarding whom borrowers are demographically; exactly how individuals borrow; exactly how much they invest; why they normally use pay day loans; the other choices they will have; and whether state regulations reduce borrowing or simply just drive borrowers online.

Key Findings

1. Who Uses Payday Advances?

Twelve million adults that are american payday advances yearly. An average of, a debtor removes eight loans of $375 each per and spends $520 on interest year.

Pew’s study discovered 5.5 % of adults nationwide used a quick payday loan in the last 5 years, with three-quarters of borrowers utilizing storefront loan providers and borrowing online that is almost one-quarter. (more…)