Print Page- Ninety-one percent (91%) of all payday loans are made to borrowers with five or more payday loans per year.
- Predatory payday lending costs American consumers $3.4 billion per year in excess fees.
- Only one percent (1%) of all loans go to one-time emergency borrowers.
- In the last decade, the number of payday lending stores in the US has grown from 300 to 15,000, generating $25 billion in loan volume.
- Each year, more than five million Americans are caught in the “debt trap” of payday lending.
- Fifteen states do not authorize payday lending.
Reprinted with kind permission of the Center for Responsible Lending, April 2004.
Source: Center for Responsible Lending
