NY (CNNMoney) People in america tempted by the vow of quick money are spending on average $520 an in fees for short-term credit lines known as payday loans year.
An believed 12 million Americans take out pay day loans each 12 months, based on the Pew Charitable Trusts’ Safe Small-Dollar Loans analysis venture.
An average of, these borrowers remove eight loans per averaging $375 each, the survey based on focus groups and telephone interviews found year. During the period of a couple of weeks — whenever pay day loans typically e due — charges averaged $15 per $100 lent, amounting to a 391% apr. (more…)