Cutting The High Price Of Payday Loans (Infographic)

Americans respond to CFPB's Proposal to Regulate Payday Loans

Cutting The High Price Of Payday Loans (Infographic)
January 18, 2016

Did your Christmas shopping empty your bank account? Before you turn to a payday loan, which 12 million Americans take out every year, check out our infographic. You’ll learn about this controversial practice, and how the Consumer Financial Protection Bureau is trying to regulate them.

Advertising Disclosure

  Conversation   |   15 Comments

Add a Comment

By submitting you agree to our Terms of Service
Sarah | 01.15.16 @ 20:01
wow. That is a lot of information about something that seems so very common (at least in my area). We've never had to resort to one and thanks to this, I am quite sure it would take a life or death situation for us to consider one.
Carla | 01.15.16 @ 20:02
I have a couple of friends who unfortunately lost their cars because they didn't have the money to repay the loan. The interest is crazy. This should only be a last resort.
Erin | 01.15.16 @ 20:02
I hope to never find myself in a situation where I would need to do this. It's horrible that people will take advantage of others when they are at one of their lowest points. I hope some of these regulations will help the people who find themselves in these circumstances.
Steffanie | 01.15.16 @ 20:02
I have always felt very leery about these places. Now i will stay away after reading the article.
Carla | 01.15.16 @ 20:04
It is sad that our economy is such that we have to take out this type of loan just to get by.
irene | 01.15.16 @ 20:04
I would never use payday loans though some of those scam companies have got hold of my cell number and keep calling me to say my loan (that I never asked for) is approved.
Elaine | 01.15.16 @ 20:06
I still think these types of loans are scary. I wouldn't do it.
Nancy | 01.15.16 @ 20:07
This industry definitely needs regulation. The people who use these types of businesses are already desperate. They don't need to be gouged too.
trish | 01.15.16 @ 20:09
I hope that i never find myself needing to use a service like this. It has always seemed shady to me, payday loans/car title loans. Too much risk for a quick gain. I know some use because they have no choice. Hope I always have at least one other option!
Daniel | 01.15.16 @ 20:15
I would say at these rates this should be a last resort type action
Brittany | 01.15.16 @ 20:17
I had to get a loan last summer and the interest almost killed me. this graph has a lot of great information though.
STOKES | 01.15.16 @ 20:22
I am grateful never to have needed a payday loan. They seem so scary.
Sara | 01.15.16 @ 20:22
This goes to show you that sadly a lot of people are in situations where they need a loan then get to where they cannot pay it back. This is a lot of info to take in.
Jmw1609 | 03.23.16 @ 23:22
Interesting that over 80% of customers that have taken out a payday loan said they appreciated getting immediate help when friends and family and banks had turned them away.
ilovelassie1964 | 06.05.16 @ 21:02
I need 5000
$commenter.renderDisplayableName() | 11.23.20 @ 21:20