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 payday advances are created to Borrowers Caught in a Revolving Door of financial obligation

WASHINGTON, D.C. — Today, the customer Financial Protection Bureau (CFPB) issued a study on payday lending discovering that four away from five loans that are payday rolled over or renewed within fortnight. The research additionally reveals that nearly all all pay day loans are created to borrowers whom renew their loans plenty times which they find yourself spending more in fees compared to the amount of cash they initially borrowed.

“We are concerned that too borrowers that are many in to the debt traps that payday advances may become,” said CFPB Director Richard Cordray. (más…)