Payday Loan Facts

Facts about the payday loan industry.

Payday Industry Secretly Admitted Most People Can’t Pay Back Their Loans. “According a newly released email, the payday lending industry knows that most people cannot pay back their loans. “In practice, consumers mostly either roll over or default; very few actually repay their loans in cash on the due date,” wrote Hilary Miller, a key figure in the industry’s fight against regulation, in an email to Arkansas Tech Professor Marc Fusaro.” [Huffington Post, 11/2/15]