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PDFFrom ThinkProgress:
[T]he Center for Responsible Lending has found 76 percent of payday loan volume (and $3.5 billion in annual fees) is due to “churning,” which is repeat borrowing by customers who paid off their loan, but because of the interest, require another loan before their next paycheck…. Major banks provide over $1.5 Billion in credit available to fund major payday lending companies. The major banks funding payday lending include Wells Fargo, Bank of America, US Bank, JP Morgan Bank, and National City (PNC Financial Services Group). All together, the major banks directly finance the loans and operations of (at minimum) 38% of the entire payday lending industry, based on store locations…. About 120 million payday loans are made annually in the U.S., with an average interest rate of 455 percent.
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