A third of Americans don't have the cash they need to cover a $500 emergency, according to a 2023 Federal Reserve survey.

Name: You need $500. How should you get it?
Uploaded: 2026-08-18T16:10:54.726Z
Duration: 6 min 45 s
Description: A 2023 Federal Reserve survey found that a third of Americans don't have the cash they need to cover a $500 emergency. So what does the average American in this camp do when, say, their car breaks down? This video compares six of most common ways Americans get money when they don't have it. Specifically, it focuses on the predatory nature of payday loans. Click here to watch.

You need $500. How should you get it?

Voxhttps://www.youtube.com/watch?v=hNQk4325W9w

Findings

Additional insights we found via Vox

Payday loans, which experts say can be predatory, are one of the most common places Americans without emergency funds turn when they need money.
Unlike other loans, borrowers don't need a credit score to get a payday loan—they just need a valid ID, proof of income, and a bank account or prepaid card.
Often capped at $500, the average payday loan is about $375.
Despite payday lenders commonly framing these loans as solutions for unexpected expenses, most Americans who take out payday loans use them to cover regular bills, like rent and utilities.
Critics argue that payday loans are inherently predatory given their high interest rates and other common industry practices that keep low-income consumers trapped in debt.
Supporters of payday lenders argue that without them, unbanked individuals and many people living in poverty would have a tough time accessing cash when they need it.