Each 12 months, 12 million borrowers invest about $7.4 billion on pay day loans. However the payday lenders have actually come under growing scrutiny in the last few years, as regulators and think tanks including the Pew Charitable Trust think about the impact of these loans on low-income families.
Pew has released a s eries of research reports on pay day loans, centering on whom borrows, where they borrow, the way they borrow and repay the loans, and PewвЂ™s tips for modification. The newly-organized customer Financial Protection Bureau (CFPB) has devoted a typical page into the topic. Continue reading “Payday advances and Tax Preparers”