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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.
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...
... 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
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.
Hey Dad, so I took out this loan...
Over 15 Million
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