Knowledge Tree
payday loan
Facts (11)
Sources
The Impacts of Individual and Household Debt on Health and Well ... apha.org Oct 25, 2021 7 facts
measurementUrban and rural residents are twice as likely to use payday loans as suburban residents.
measurementUrban and rural residents are twice as likely as suburban residents to use payday loans.
measurementBlack individuals are three times more likely to use payday loans than White individuals.
measurement52% of payday loan users are women.
measurementBlack people are three times more likely to use payday loans than White people.
measurementPeople with disabilities are twice as likely as the general population to use payday loans, with a usage rate of 12% compared to 6%.
measurementWomen constitute 52% of payday loan users, and individuals with disabilities are twice as likely to use payday loans as the general population (12% versus 6%).
Predatory Lending — An Explainer - MECEP mecep.org Mar 24, 2023 4 facts
measurementThe use of payday loans doubles the rate of personal bankruptcy for borrowers.
measurement80 percent of payday loans are renewed multiple times, causing debt to spiral due to the addition of new fees with each renewal.
measurementPayday and car-title lenders drain $8 billion per year from local economies in the United States.
measurementCurrently, 60 percent of payday loan customers are women.