- About 42% of millennials used an alternative financial services product, according to research.
- Nearly 50% of millennials could not come up with $2,000 for an unexpected bill in the next month.
- Federal regulators expected to announce more rules on alternative lending products in June.
A 2012 study from the Financial Industry Regulatory Authority found that 40% of Americans would have a hard time pulling together $2,000 within 30 days to handle an emergency loans
Typically $15 per $100 borrowed
In the USA, payday loan fees are an estimated $3.4bn year. 75% of industry fees come from borrowers that take out 10 loans or more a year. Because these loans are so small, for every $100 borrowed, the lender gets $15 fees.