  Jul 18, 2012  Key Findings  1. Who Uses Payday Loans?  Twelve
million American adults use payday loans annually. On average, a
borrower takes out eight loans of $375 each per year and spends
$520 on interest.  Pew’s survey found 5.5 percent of adults
nationwide have used a payday loan in the past five years, with
three-quarters of borrowers using storefront lenders and almost
one-quarter borrowing online. State regulatory data show that
borrowers take out eight payday loans a year, spending about
$520 on interest with an average loan size of $375. Overall, 12
million Americans used a storefront or online payday loan in
2010, the most recent year for which substantial data are
available.  Most payday loan borrowers are white, female, and
are 25 to 44 years old. However, after controlling for other
characteristics, there are five groups that have higher odds of
having used a payday loan: those without a four-year college
degree; home renters; African Americans; those earning below
$40,000 annually; and those