Payday Loan Fees Often Exceed the Amount Borrowed

If you need more evidence that payday loans can be a debt trap, look no further than today’s report by the Consumer Financial Protection Bureau. The agency found that 4 out of 5 payday loans are renewed or rolled over within two weeks after the end of their term. In half of these cases, the borrower renews the loan at least 10 times in a row. And repeat borrowing may be more expensive than many borrowers may realize. Fees in …