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Payday Loan Rates Statistics And High Interest With Real Pdl Help

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Payday Loan Rates Statistics And High Interest With Real Pdl Help

Payday Loan Default Rates

Despite payday loans coming with some of the highest interest rates, the default rate is one of the lowest, at just 6%.

Only 6% of lenders are likely to write off an unpaid loan. That is because most lenders rollover the defaulted loan. A rollover accords the lenders the opportunity to impose a higher interest rate to generate optimum returns over a prolonged period.

Payday loan rollover often results in interest rates skyrocketing to highs of 400% or even 600%.

Payday Loan Lender and Borrower Key Metrics

There are roughly 23,000 payday loan lenders in the U.S.

Most payday loan lenders make money 90% of the time by simply renewing the loans to defaulters and imposing high-interest rates.

Average payday loan borrowers earn an average of about $30,000 a year.

Most payday loan borrowers are usually in debt for five months each year due to the high interest rates levied on the loans.

58% of payday loan borrowers in the U.S. struggle to meet their monthly obligations.

Almost 75% of the money borrowed goes to people who take 10 or more payday loans every year.

More than 15% of all new payday loans are from rollover of existing loans as most borrowers struggle to clear the amount borrowed on time.

The debt payday consolidation program at Real PDL Help can save you money and help with your payday loans now! Payday loans are high-interest rate loans for short term. There are roughly 23,000 payday loan lenders in the U.S. Know more about the payday loan statistics.

Get More Info Here:- https://realpdlhelp.com/pdl-stats/


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