Twelve million adults, or about 5.5% of Americans, use payday loans, according to new research from Pew.
Payday loans are short-term loans (usually two weeks) of a few hundred dollars with average fees and interest the equivalent of an annual percentage rate (APR) of around 400%!
Predatory payday lending strips wealth from financially vulnerable families and leaves them with fewer resources to devote to building assets and climbing the economic ladder.
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