Payday Loans and Tax Time
This infographic provides a snapshot of the impact of payday loans on borrowers. Payments are unaffordable for the budgets of most payday loan borrowers, and 1 in 6 has used a tax refund to eliminate payday loan debt. Similar to payday borrowers, 1 in 5 auto title loan borrowers reports using a tax refund to repay a title loan.
Note: This infographic was updated on April 13, 2016, to include source information.
Recent WorkView All
Nick Bourke directs Pew's work on consumer finance, which includes the small-dollar loans and consumer banking projects. These teams conduct research on payday and other small loans and study the accounts that Americans rely on every day to manage their finances, such as checking accounts, prepaid cards, and mobile payments. Read More
Alex Horowitz is the senior research officer for Pew’s consumer finance project, which includes small-dollar loans and consumer banking. He manages a series of surveys, experiments, and analyses designed to identify which features of payday, auto title, and other small-credit products work well and which work poorly and to examine the impacts of market practices and potential regulations. Read More
Travis Plunkett oversees Pew’s family economic security portfolio, a series of projects that apply a rigorous, analytical approach to the study of Americans’ financial wherewithal and the economic challenges they face today. That work includes the safety and transparency of checking accounts and small-dollar loans and the prospects for economic mobility. Read More