What Is Payday Lending?
The Consumer Financial Protection Bureau defines a payday loan as "a short-term, high-cost loan, generally, for $500 or less, that is typically due on your next payday."
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The Consumer Financial Protection Bureau defines a payday loan as "a short-term, high-cost loan, generally, for $500 or less, that is typically due on your next payday."
Read the Whole Definition HereFollow our friend Jennifer in this short video from The Pew Charitable Trusts. She may be a fictional, blue, human but her struggle to escape the payday loan debt trap is a very real narrative that is far too common.
Watch on YoutubeA 2012 study from Pew Charitable Trust found that on average borrowers take out 8 payday loans, of $375 per year, and spend $520 in interest.
Read More HereThe official website of the Minnesota attorney general warns its constituents against the interest and fees associated with payday lenders. The article breaks down different issues with payday lending and offers advice to consumers.
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