The Research Institute on Social Economic Policy at Florida International University has conducted the studies, which showed that each one in 3 payday loans in Florida is taken in the region of Pensacola. The industry of payday lending is almost a $3 billion business.
RISEP claims Pensacola to be the area with the greatest number of payday loans, then follow Miami and Orlando, but at a certain distance. The statistics shows that the population of 455,000 has borrowed about 40% all Florida personal loan transactions in 2012, while Miami with its population of 5.7 million accounted only about 18% of such transactions.
More Horrible Facts on the Point
The industry of payday lending is growing due to the loan merging, because most of the customers prolong their loans or get another one just before the term of covering the loan taken before. The report shows that most of the lenders charge on average 280% APR for a short-term loan of 2 weeks, which means that the average borrower uses a quarter of his biweekly grow income on covering payday loans or need installment loans obligations.
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- Citizens should be careful with payday online loans.
- Be wary of payday loans.
Florida Payday Lending Meeting
The Community Enterprise Investments, Inc. in cooperation with the Raise Florida Network, Zion Hope Friendship Primitive Baptist Church and Primitive Baptist Church will hold a Payday Lending meeting in a town hall at Zion Hope Aug. 28.