Payday Loans and Their Impact on Minorities: Issues to Consider
Key Facts Definition: Payday loans are short-term, high-interest loans due on the borrower’s next payday, often used for immediate financial needs. Concentration: Payday loans are disproportionately found in minority neighborhoods, driven by limited access to traditional banking. Impact: The use of payday loans can lead to a cycle of debt that negatively impacts credit scores […]