Young borrowers are more likely to use payday loans and not be aware of “affordable” credit unions.

Young adults are twice as likely to turn to high-interest payday lenders as they are to nonprofit community lenders, finds research from the government-supported Pensions and Money Service. Friends and family were the number one source of loans for the group aged 25 to 34, with 26 percent saying they would turn into “close contacts”. … Read more