The Payday Loan Problem
Payday lending’s predatory and toxic impact on our communities can be equated to a modern form of slavery. According to research, the average family in payday debt is trapped in revolving payday debt for at least 5 months out of the year. This cycle hinders individual financial well-being as well as deters them from pursuing any financial future outside of paying off debt.
Monthly APR = 450%
On average, borrowers pay over 4x the amount on their payday loan, in interest.
1 in 20 Americans
According to a 2012 Pew survey, millions of Americans had payday loan debt.