Most Payday Borrowers Take On More Loans In A Hurry: Study

• Payday loans are touted as a useful financial product for middle-class households that just need a little help making ends meet in the short term. A new study by the Center for Responsible Lending shows exactly how fast this loan "churning" happens. Eighty percent of people who take out a payday loan take out more than one per year, according to the study, and nearly nine out of ten of those repeat borrowers take out their next loan before their next payday.