1/3 of MA Borrowers Took Payday Loans for the First Time in 2021

13 of MA Borrowers Took Payday Loans for the First Time in 2021

Verizon experts analyzed the microfinance market in 2021. According to the research, a third of MA residents (29%) started taking out payday loans in March-June this year. The overwhelming majority (90%) borrowed up to $1,000 at a time. Almost 60% of borrowers admitted that it became more difficult to pay off debts during the pandemic, and more than half (52%) used borrowed funds to buy essential goods. The survey involved 1,015 people from Massachusetts who have used the services of MFIs in the last year.