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  • Infographic: How people are really using payday loans
  • Sasha Says

    The infographic is not displaying for me at this time. Please check URL or file. Thanks!

  • ReRe

    Great Graphic! From the experiences of many, the stats shown are painfully true.

  • James Michael McDaniel

    I have always known this. Some of the borrowers do to but have no recourse.

  • Tick tick

    Sad. I like the graphic, but I wish there was a different way to say “median.” Many of the people who could use this info might be unfamiliar with the difference between average and median etc. in a slightly simplified form it would make a good poster ad.

    • John Valdivielso

      “typical” is a good substitute

  • Christina

    Say what you may about “payday loans”, it is the only alternative for many Americans and is not as predatory as the offers from banks! It was my only alternaive when I was injured on the job and I did have to keep getting the loans for several weeks, just to juggle the costs, but it was well worth it and when you are living paycheck to paycheck, it is a quick and easy fix! When you are a single parent, or underemployed, banks don’t want your business and offer longer terms, with much, much higher interest! I suggest the CFPB leave the little payday loan storefronts alone, as they are more user friendly, and cost less than the bank alternative (unless you have money, or your credit hasn’t been ruined by the greedy corporation you work for).

    • Scott Ginther

      The infographic says that payday loans have a typical APR of 300%. Christina said that I have never seen a bank offering a loan anywhere close to that high of an interest rate. For example, at 8% interest, you would have to carry that loan for 10 years before you reached 100% of the principle amount in interest (assuming no payments were made during that period). At 300% APR, you double your loan amount in much less than one year. Bank loans are simply not higher than payday loans.

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