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Your Money: Payday loans can get out of control

Story Highlights

• Payday lending is getting increased scrutiny
• Fees may seem small, but consumers can fall into “debt traps”
• 19 million people use payday loans every year in the U.S.

For someone who can’t pay a cellphone bill or the rent, it might seem perfectly reasonable to dish out an extra $42 to get a $300 two-week advance on a paycheck in Michigan.

No doubt, borrowers may be able to afford to pay $15 or $20 in fees for each $100 borrowed for some payday loans.

But the real question is can they actually afford to repay the payday loans? Come up with $300 or $500 in just two weeks? Or even in a month? It’s not a small issue, especially as regulators examine whether borrowers can afford to repay mortgages and student loans, too.

Payday lending is receiving more scrutiny. Richard Cordray, director of the federal Consumer Financial Protection Bureau, noted in a speech in February that the fees may seem small for quick cash, but consumers in a financial jam could fall into debt traps if the fees pile up and consumers must borrow again to avoid defaulting and to keep making ends meet.

About 19 million Americans use payday loans each year, according to the Community Financial Services Association of America, a trade group.

Some services, such as Check ‘n Go, have online calculators that can make the loans seem doable. Daha fazlasını oku