Customers should avoid loans that are payday. Neon signs illuminate a pay day loan company.

Customers should avoid loans that are payday. Neon signs illuminate a pay day loan company.

Pay day loan borrowers frequently roll over their loans and crank up paying more in fees than they borrowed, the buyer Financial Protection Bureau warns in a study out Tuesday. (picture: Ross D. Franklin AP) Borrowers of high-interest payday advances usually spend more in charges than they borrow, a federal government watchdog claims. About 62% of all of the pay day loans are created to individuals who increase the loans a lot of times they find yourself having to pay more in fees compared to initial quantity they borrowed, claims a written report released Tuesday because of the customer Financial Protection Bureau, a federal agency.