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"Payday loans are advertised as an attractive short-term alternative, but that does not reflect reality. Paying them off in just two weeks is unaffordable for some borrowers, who become indebted long-term," Nick Bourke, Pew's specialist on small-dollar loans, stated in a prepared statement., best payday loans reviews
The Community Economic Services Association of America, friends representing payday lenders, countered that the Pew report lacked context. "Short-term credit products and services are an important fiscal tool for persons who want funds to pay for an urgent cost or handle a deficiency between paydays," the association said in a statement. "In our present market and constricted credit industry," the statement continued, "it is crucial that buyers possess the credit options they want to deal with their financial problems." The normal fee billed by association members, the declaration stated, is $10 to $15 per $100 lent.

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