Need a $500 loan to make it through until your next paycheck drops? In Texas, the average consumer will be on the hook to pay that back, plus another $645 in interest.
That’s according to a new Pew Charitable Trusts analysis of payday lending that ranks Texas among the most expensive states for consumers to borrow money.
The new report is an update of a nationwide analysis of payday lending performed by the research center eight years ago. The state of Texas’ payday lending practices have changed very little over that time, Pew’s previous findings show.
