Payday Loans: Conclusion
An OppLoans eBook
A late 2018 survey of 3,700 Americans by CNBC and Morning Consult found that 2 million adults take out payday loans each year, spending $9 billion on loan fees. With legal changes taking place faster that borrowers can repay their loans and court cases costing more than the fees and interest rates of predatory lenders, this industry will undoubtedly continue to flourish.
There is no reason, though, for the borrower to continue to submit to payday loan term limits and APRs, which range from state to state between 300 and 800 percent. Financial opportunity abounds for the modern-day borrower, who can become an educated consumer of the diverse array of loan products. The careful borrower will find a loan that works for him, instead of a loan that works him over.