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EMAILWIRE.COM, July 26, 2013 ) Singapore, Singapore -- While payday lenders are known for making it easy to gain access to credit, paying back the loans can be extremely expensive. That's why a new report by the Pew Charitable Trust shows the average loan of $375 costs about $520 in interest. According to Lee Kirk, people often fall into a credit trap, borrowing from lenders and not being able to get out of the cycle.
The Pew study shows that payday loan borrowers spend about $7.4 billion a year on high-interest loans at 20,000 payday loans storefronts and websites in the United States alone. Most people use payday lenders to get caught up on regular bills, such as rent, house payments or utilities.
Now in Michigan, credit unions are offering financial fitness courses for customers and the general public to help people get on the right track and get out of the vicious payday lending cycle. Kirk, who is the project manager at Community Promise Federal Credit Union in Kalamazoo, says they provide savings and loan products and for customers with financial challenges, educational programs.
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