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March 31, 2014

Report: Payday loan fees can top cost of the loan

  • Only 15 percent of borrowers repay all their payday debts on time without re-borrowing within 14 days.

    • WASHINGTON (AP) — About half of all payday loans are made to people who extend the loans so many times they end up paying more in fees than the original amount they borrowed, a report by a federal watchdog has found.

    The report released by the Consumer Financial Protection Bureau also shows that four of five payday loans are extended, or “rolled over,” within 14 days. Additional fees are charged when loans are rolled over.


     
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