on borrowed time

The Average Payday Loan Borrower Spends More Than Half The Year In Debt To Lender

The Average Payday Loan Borrower Spends More Than Half The Year In Debt To Lender

The idea of the payday loan — a short-term, high-interest loan intended to help the borrower stay afloat until his next paycheck — is not inherently a bad notion. However, a new study confirms what we’ve been saying for years: That many payday borrowers are taking out loans they can’t pay back in the short-term, and that lenders rely on this revolving door format to keep the fees rolling in. [More]