Most Payday Loans Are To Repay Other Payday Loans

Most Payday Loans Are To Repay Other Payday Loans

Listen to the payday loan industry and their apologists and they’ll try to tell you that their customers are savvy and just need of a break to tide them over. But a new survey (PDF) shows that most payday loans are to repay other payday loans. Of the 80% of borrowers who take out multiple payday loans in a year: