Difficult time paying off payday loans
Most people who take out payday loans find themselves having to pay the money back in an unrealistic amount of time.
That's according to a new report from the Pew Charitable Trusts. They found the average payday loan requires a repayment of more than $400, two weeks later.
But the average borrower can only afford to pay about $50. That means 86 percent of borrowers say they can't afford to repay the average loan.
Every year 12 million americans take out a short-term payday loan.