Payday Loans Explained Pew Mortgage Loans.
12 million Americans take out payday loans every year, but there are still misconceptions about how they are actually used .

Payday loans can look like a responsible choice for borrowers who need cash but want to avoid getting into long-term debt.
Payday loans suffer from three main problems, according to extensive research—unaffordable payments, failure to work as advertised, and excessively high .