Press Release

Payday Loans: What Are They, Who Uses Them, and Why?

About

Pew's Safe Small-Dollar Loans Research Project seeks to identify and analyze borrowers' needs, expectations, and experiences when it comes to small-dollar credit. It also researches a variety of loan products and the business models used by their providers, with a focus on studying the impact on borrowers.

Twelve million Americans take out payday loans each year, spending approximately $7.4 billion annually at 20,000 storefronts and hundreds of websites, plus additional sums at a growing number of banks.

To learn more about payday loans, including how they work, who uses them, and why, watch our two videos explaining payday loans. 

 

Media Contact

Mark Wolff

Director, Communications

202.540.6390