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CFPB Finds Four Away Of Five Pay Day Loans Are Rolled Over Or Renewed

CFPB Finds Four Away Of Five Pay Day Loans Are Rolled Over Or Renewed

Studies have shown almost all of pay day loans are created to Borrowers Caught in a Revolving Door of financial obligation

WASHINGTON, D.C. — Today, the buyer Financial Protection Bureau (CFPB) issued a study on payday lending discovering that four away from five pay day loans are rolled over or renewed within week or two. The research additionally reveals that nearly all all payday advances are created to borrowers whom renew their loans a lot of times they originally borrowed that they end up paying more in fees than the amount of money.

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