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Created with Fabric.js 1.4.5 PAYDAY PAYDAY LOANS LOANS WHO uses payday loans? Most borrowers are females that are white, employed, and 22-44 years old. A disproportionately high number are also those who lack a four-year college degree, are separated or divorced, or are home renters. Everyday Emer. Other 69% of first-time borrowers cover recurring expenses, like bills. Only 16% covered unexpected expenses, like a medical emergency. 81% of borrowers said if payday loans weren't available, they'd cut back on other expenses instead. Most borrowers (58%) have trouble meeting monthly expenses at least half of the time, dealing with persistent shortages ratherthan short-term emergencies. Friendly service and appreciation for funds conflict withborrowers' feelings of distress about high lending ratesand long term indebtedness. 41% of borrowers needed additional money to pay off their loan. Many turned to the same options they'd use without a payday loan: borrowing from friends or family, a different loan, or pawning possessions. Around 16% used a tax refund to repay a payday loan. There are more paydaylenders in the U.S. than McDonald's Loans that cover even the planned loan duration can have rates that exceed 100% APR. Sources Cited:(1)Nationwide Pew Survey Challenges Conventional Wisdom on Payday Loans - Pew Center on the States. (2012, July 7). Retrieved March 2, 2015, from Lending in America: How Borrowers Choose and Repay Payday Loans. (2013, February 20). Retrieved March 2, 2015, from, J. (2014, November 24). There Are More Payday Lenders in U.S. Than McDonald's. Retrieved March 2, 2015, from, T. (2011, December 20). Why Payday Loans Are So Expensive. Retrieved March 3, 2015, from (1) (1) (2) (2) (2) (3) (4)
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