Let me make it clear about customers should avoid payday advances

Let me make it clear about customers should avoid payday advances

Neon signs illuminate a loan business that is payday. Cash advance borrowers usually roll over their loans and find yourself paying more in fees than they borrowed, the buyer Financial Protection Bureau warns in a study out Tuesday. (Picture: Ross D. Franklin AP)

Borrowers of high-interest pay day loans usually spend more in charges than they borrow, a national government watchdog states.

A federal agency about 62% of all payday loans are made to people who extend the loans so many times they end up paying more in fees than the original amount they borrowed, says a report released Tuesday by the Consumer Financial Protection Bureau. „Let me make it clear about customers should avoid payday advances“ weiterlesen