Payday Lending in America
Pew’s Payday Lending in America series sheds light on the experience of borrowers. The research also details fundamental problems with payday loans, and suggests how policymakers can help solve these problems.
Payday Loan Fast Facts
Payday loans typically offer about two weeks of credit, due in full on the borrower’s next payday, at annual interest rates of around 400 percent. While borrowers find fast cash to pay rent and other bills, they are often left indebted for months, struggling to repay a loan that was marketed as a short-term solution. Download a summary of Pew’s Payday Lending in America findings.