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"Payday loans are advertised as an attractive short-term option, but that will not represent reality. Spending them off in only fourteen days is unaffordable for many debtors, who become indebted long-term," Nick Bourke, Pew's expert on small-dollar loans, stated in a prepared statement.
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The Community Financial Providers Association of America, an organization representing payday lenders, countered that the Pew report lacked context. "Short-term credit items are an essential financial tool for individuals who want funds to pay for an unexpected cost or manage a shortcoming between paychecks," the organization said in a statement. "In our current economy and restricted credit market," the declaration continued, "it is critical that consumers possess the credit choices they want to manage their fiscal challenges." The typical fee charged by organization people, the statement mentioned, is $10 to $15 per $100 borrowed.