12 million Americans get an online payday loan every racking up $7.4 billion annually in expensive debt year.

12 million Americans get an online payday loan every racking up $7.4 billion annually in expensive debt year.

12 million Americans get a quick payday loan every 12 months, accumulating $7.4 billion yearly in high priced financial obligation. In accordance with a report from Pew Charitable Trusts, the normal pay day loan is $375, although many borrowers find yourself indebted for five months while having to cough up $520. Can banking institutions and credit unions help customers escape the lending trap that is payday? Read more