Ca has passed a disconcerting milestone in payday financing. In 2016, residents 62 and older took out more pay day loans than every other age bracket, in accordance with industry information put together in a report that is new the Department of company Oversight. This trend tips to an erosion that is continuing of safety for seniors.

Seniors joined into almost 2.7 million payday deals, 18.4% a lot more than the age bracket utilizing the second-highest total (32 to 41 years old). It marked the time that is first the DBO report on payday financing, posted yearly, revealed seniors since the top payday financing recipients. Read more