By Jeff Hirsch, November 4, 2021
Brent Adams, of the Illinois-based Woodstock Institute, a liberal policy study group, says borrowers initially feel they will be able to repay say, $500 on time.
But, he says, “research shows that a trap is more common than not,” because the borrower can’t make the due date, and has to extend the loan, “buying more time with a new fee tacked on. The average payday loan borrower,” Adams says, “rolls the loan over a lot”