What You Need To Know About Payday Loans

According to the research organization Pew Charitable Trusts, about 12 million of American citizens use pay check loans. Based on the data published by the agency, the average borrower takes out eight cash advances per year, each lasting eighteen days. This means that the average payday advance borrower had an outstanding balance for 5 whole months.
Following the Pew's study, roughly one in four borrowers use the Internet to access fast financing. Basically, at some point over the last five years an estimated 5.5% of the US population has taken out a cash loan.
Below is the infographic published by the Pew.