Financial crisis, high unemployment and lack of access to bank credits made millions of Americans turn to payday lenders. Who uses these loans that, at the first glance, are very expensive? According to Pew Charitable Trust Research conducted in 2012, twelve million Americans use payday loans at least once a year. On average, borrowers take eight loans of $375 and pay interest amounting to $520.
The payday loan market in the United States is a place of very fiery competition to win new customers. There are well above ten thousand companies that lend money to physical persons and small and medium-sized companies. 99% of them do business in a very fair way. However, there are companies which give a bad name to payday loan providers, and they simply rip off the customers.