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New PEW Study Findings
posted at July 19, 2012 7:06 PM EDT
First: July 19, 2012
Last: July 19, 2012
According to the new report published by the PEW Research Center, many payday loan customers (69%) use this type of consumer credit to cover everyday living expenses, like rent and groceries.
An average borrower takes out 8 loans per annum with an average loan amount of $375. Loan rollovers and renewals are widespread and on an average the borrower is indebted for 5 months out of a year.
You are more likely to be a payday loan customer if you are a female, white or African American, without a four year college degree, renting rather than owning your home, earning below $40,000 a year and a separated or divorced parent.
As to alternatives to payday loans, there are not many. 81% of respondents said they would delay paying bills and turn to friends and family for money if a payday loan would not be an option.
Borrowers in states with interest rate caps (e.g. Georgia) in place do not seem to use payday loans online more frequently than their counterparts living in states with no such regulations.
Full PEW Report