FAST SUMMARY
Each year, 12 million borrowers save money than $7 billion on pay day loans.
This report—the first in Pew’s Payday Lending in the usa series—answers major questions regarding whom borrowers are demographically; exactly exactly how individuals borrow; simply how much they spend; why they normally use pay day loans; how many other choices they usually have; and whether state laws reduce borrowing or just drive borrowers online.