A person stands with arms raised on piles of cash in a vault-like room, while large shadowy hands reach from barred windows. Signboards reading “COVID-19,” “UNEMPLOYMENT,” and “payday loan pain points” are visible among stacks of money.

Payday Loan Pain Points: Key Issues Facing US Consumers

Key Points to Remember Interest Rates: The Annual Percentage Rate (APR) for payday loans can exceed 400%, leading to significant finance charges. Debt Cycle: Borrowers often fall into a cycle of debt, taking out new loans to repay existing ones. Credit Impact: Payday loans can negatively affect credit scores, complicating future financing options. Regulations: State […]