Phantom Demand: Short-term Due Date Generates Need for Repeat Payday Loans
Download the complete report >> (PDF, 31 pp.) Download the executive summary >> (PDF 4 pp.) Watch our 2 minute video press release on Phantom Demand Leslie Parrish discusses the findings in this 9 minute webinar A full three quarters of loan volume of the payday lending industry is generated by borrowers who, after meeting the short-term due date of the loan, must re-borrow before their next pay period Repeat borrowing of what is marketed as a short-term loan of a few hundred dollars has long been documented, but this report verifies for the first time how quickly most payday lending customers...