I wrote about the mother and daughter taking payday loans to reach the next payday, and then taking a payday loan to… Well, you get the picture.
It found that 83% of payday lending customers had taken out a loan online, compared with 29% of customers who took a payday loan on the high street.
Desperation, according to the report: "More than one-third of borrowers say they have been in such a difficult situation that they would take a payday loan on any terms offered".
NatWest, which is owned by the Royal Bank of Scotland, gave as an example a 41-year-old shop assistant who took a payday loan of £100 at 2,216% interest.
7. Take a payday loan: I wish I didn't even have to include this as a viable option because these are so toxic to people's financial well-being, but I have to so that I can spell out how very bad they can be.
The actor recently revealed that he took a payday of $60,000 — peanuts by Hollywood standards — to work with director Martin Scorsese.
Call a credit counseling hotline to discuss other ways that you can get the money you need without having to take a payday loan.
Already the costs of housing have risen to such an extent that almost a million people have taken out a payday loan to help with their rent or mortgage, the housing charity Shelter has found.
Research from uSwitch.com found that 49 per cent of those who have taken out a payday loan say the experience was positive and one in three (30 per cent) would take one out again.
Not everyone who takes out a payday loan gets into financial difficulties, but enough do due to the terms and structure of the loans.
Someone who takes out a payday loan can expect to pay a median fee of $15 for every $100 borrowed, according to the CFPB.
