From the desk of lead San Francisco attorney Alison Cordova
A recent study by Pew Charitable Trusts shows that most payday loans are being used to pay for every day expenses, not unexpected medical bills, education expenses, or emergency break-down costs as the payday loan companies like us to believe.
A whopping two thirds of payday loans are reportedly taken out to cover basic, ongoing living expenses. Only 16% of payday loans are put towards emergencies.
This is quite scary. It means that payday loans are increasingly bridging an economic gap between working American’s income and expenses.
The full article and an info graphic can be found here: http://www.cashadvanceonline.net/why-borrow-payday-loans/#
Kevin Fallon McCarthy
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