Facts about Payday Loans -

Payday loans are supposed to be solutions that don’t lead to increasing worry. Consumers borrow payday loans with an attached fee so they can afford an expense worth a few hundred dollars like utility bills or rent. The issue with payday loans, as some discover the hard way, is that they end up becoming more permanent than originally anticipated. Because borrowing fees are expensive, ironically consumers end up taking out another loan to pay off the first one. There are startling facts about payday loans in the U.S. that could shock some people awake about how severe this problem is.

The economic think tank Milken Institute conducted an eye-opening study on facts about payday loans in the U.S., which Business Insider (BusinessInsider.com) reported in October 2013:

Most borrowers owe payday lenders for five months out of the year. Thus, they end up paying $800 for a $300 loan.
12 million people borrow nearly $50 billion a year through payday loans in the U.S.
The rates charged on payday loans can be up to 35 times those charged on credit card loans and 80 times the rates charged on home mortgages and auto loans.
The estimated annual percentage rate on payday loans in the U.S. ranges from a low of 196% in Minnesota to a high of 574% in both Mississippi and Wisconsin.
Borrowers with six or more loans each year make up more than half of all payday revenues in California, and they end up paying at least $525 for a $255 loan.
Payday loan stores tend to aggregate in areas with higher rates of poverty. The six counties in California with the highest number of payday lender stores per 100,000 people have an average per capita income of between $17,986 and $26,300, compared to the statewide average of $44,980. The average unemployment rate among those counties is nearly 15.8% compared to the state average of 11.8% and one in five people lives in poverty compared to 15% nationally.

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