Pay check Loaning in the us: That Borrows, Where These People Use, and Why

Every single year, 12 million applicants save money than $7 billion on cash loans.

This reportthe first in Pew's Payday Lending in the us seriesanswers big questions about that customers were demographically; just how consumers borrow; how much the two shell out; precisely why they use payday advances; the other options they've got; and whether condition regulations decrease credit or drive consumers on line.

Crucial Results

1. Whom Employs Payday Advance Loan?

Twelve million North american older people use payday advance loan annually.