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Payday Loans!
Updated: 10/9/2020
Payday Loans!
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Storyboard Text

  • The most common uses for cash advance loans (Payday loans) are routine expenses like utilities, car, food, and rent!
  • Rent is due and I'm $375 short!
  • This seems SUPER sketchy, but if 12 million Americans use it every year it can't be all that bad, right?
  • The only requirements necessary for a cash advance loan are proof on income and a checking account.
  • Payday Loans!
  • Plus my credit card is maxed out and I don't want to ask my parents for money, or sell my stuff, or cut back on expenses.
  • That is an APR of 380%
  • I just borrowed $375 to cover my rent...
  • Payday Loans!
  • ... and paid a $55 fee. Pay back in full is due in two weeks!
  • I don't have $375 to pay back my loan in full
  • 2 weeks later...
  • Typical customers renew loans 5 times, paying in excess of $500 in fees
  • Payday Loans!
  • And pay MORE fees.
  • Since I can't repay the loan in full I guess I'll have to renew it.
  • 41% of Payday loan customers need a cash infusion (like a tax return or money from family) to pay off their loan.
  • WHAT?!
  • Hey Dad, so I took out this loan...
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