BET News: The Truth About Payday Loans
Many Americans are increasingly turning to high interest, short term loans to try to make ends meet, but a brief overview of payday lending’s problematic setup shows that it’s often a false solution to a false problem.
Payday lenders claim to be a convenient source of credit for low- to moderate-income families in a budget crisis. Yet a revealing study from Pew Research shows that contrary to common assumptions, borrowers typically use payday loans to pay for day-to-day expenses, not emergencies.
Read the full article at bet.com.
- Safe Small-Dollar Loans Research Project