10/5/16 Article by Talk Poverty/ – Payday loans are advertised as quick and easy loans that borrowers can repay when their next paycheck comes around. The interest rates are so high, often 400% and above, compared to about 16% on the average credit card that borrowers cannot afford to pay back the loan and the vast majority of loans (80%) are rolled over or followed by an additional loan within just two weeks. The result is that borrowers wind up in debt. Key Words
