payday loan industry

The payday loan industry provides short-term, high-interest loans typically due by the borrower’s next payday. These loans offer quick cash but often carry very high fees and interest rates, making them expensive and potentially burdensome if not repaid promptly. They are usually accessed online or at storefronts, serving people facing urgent financial needs who may lack access to traditional credit. While convenient, payday loans can lead to cycles of debt if borrowers repeatedly borrow to cover previous loans, thus requiring careful consideration before use.