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Chart 1 Refinances and Fees Generate Many Revenue for Texas Payday Lenders in 2015

Chart 1 Refinances and Fees Generate Many Revenue for Texas Payday Lenders in 2015

SUPPLY: Credit Access company (CAB) Annual Report 2015, Texas Office of credit rating Commissioner.

Further summary of the 2015 data demonstrates that, regarding the 3,153 payday loan providers reported as conducting business in Texas, 50 had been out-of-state entities. Refinancing data indicated many borrowers refinanced their loan between two to four times before spending it well. Significantly more than 61,000 borrowers had been recorded as refinancing their loan a lot more than ten times before reaching “paid in complete” status.5