Although taking right out an online payday loan might appear such as for instance a solution that is quick a short-term shortfall of money, into the almost all instances, it really delivers borrowers deeper into debt. In fact, the buyer Financial Protection Bureau (CFPB) issued a report showing that in a 14-day duration, 80% of borrows find yourself being forced to rollover their payday loan or make an application for another loan to pay for the loan that is payday. Which means only 20% of borrowers have the funds to cover back their pay day loan.

Therefore, what are the results when you’re one of the 80% of borrowers who can’t manage to spend back once again their pay day loan? (more…)