Source: Author’s calculations according to administrative information from a payday lender that is major.

Source: Author’s calculations according to administrative information from a payday lender that is major.

The thing I discovered, utilizing a dataset of nearly 47,000 cash advance borrowers in 13 states, ended up being quite revealing regarding cash advance borrowers’ situations. Keep in mind that a majority of these households had outstanding payday financial obligation at enough time they received their check; given the high interest of these debt, it might be logical it off rather than to buy durable goods, for example for them to use the money to pay. […]