You can end up trapped in a never ending cycle of debt if you’re turning to payday or title loans to cover basic living expenses. A lot more than four in five pay day loans are rolled over, or re borrowed, within 30 days, based on the customer Financial Protection Bureau.
The CFPB also states that about one out of four pay day loans are re borrowed at the least nine times, and customers wind up having to pay more in fees than they borrowed.