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A new study by Pew sheds light on the use of payday loans and who is most impacted. The study shows that most people who get the loans don’t use them to cover emergencies. Instead, they are used to cover everyday expenses. They also find that these companies tend to locate in places where the most black people live.
The series called, “Who Borrows, Where They Borrow and Why,” found that 81 percent of the people who get payday loans would not get them if they were not so readily available.
Financial writer Charlene Crowell summarizes the alternatives that people would rather use: