Chart 1 Refinances and charges Generate revenue that is most for Texas Payday Lenders

Chart 1 Refinances and charges Generate revenue that is most for Texas Payday Lenders

PROVIDER: Credit Access Business (CAB) Annual Report 2015, Texas workplace of credit rating Commissioner.

Further writeup on the 2015 data demonstrates that, regarding the 3,153 payday loan providers reported as conducting business in Texas, 50 had been out-of-state entities. Refinancing data suggested many borrowers refinanced their loan between two to four times before having to pay it well. A lot more than 61,000 borrowers had been recorded as refinancing their loan significantly more than ten times before reaching “paid in complete” status.5

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