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Multiple Payday Loans
Why people should be limited in how many payday loans they are responsible for at a time
According to a study done by
Center for Responsible Lending the real reason people are taking out multiple payday loans is because the people borrowing the money can't
clear a monthly billing cycle without having to borrow again.
Stats from the study conclude that 94% of all payday loan borrowers, if they take a second payday loan, are borrowing more money within 30 days of their first loan. And nearly 50% of all people borrow another payday loan immediately or after the mandatory 24 hour wait period. And 76% of total loan volume can be contributed to multiple payday loans within one month taken out by the same borrower, generating billions of dollars in fees and interest payments for payday loan lenders.
This means that most of the people that utilize payday loans cannot afford to pay back the loan and fees and have money left over to afford to pay all of their other expenses. As well as there is a desperate need for personal loans and lines of credit for people with bad credit, in the current financial marketplace.
Since so many Americans live paycheck-to-paycheck, it is no wonder there are so many people trapped in this debt cycle. It is never a good idea to take out a cash advance just to get you to the next payday cycle, if you can't afford the fees and still afford to pay all of your other expenses. It is always recommended that people utilize pawn shops or title loans before applying for a personal loan. These other loan products can be paid in installments and usually having longer pay back periods.
Learn more about getting cash for emergencies.
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