By Jocelyn Baird, NextAdvisor.com It's no secret that the payday loan industry is rife with predatory payday lenders. Even lenders that aren't inherently predatory still often use practices which leave borrowers stuck in a seemingly endless cycle of debt. This is a big deal, considering more than 12 million people in the U.S. take advantage of payday loans every year. According to a 2013 study done by the Pew Research Center, the average payday loan borrower pays a shocking $520 in interest to borrow $375. People turn to payday loans when they feel as if there are no other options, and what seems like an easy way to get desperately needed cash immediately often turns into a crippling debt....
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