Payday Lending in America

October 12, 2017

Since 2011, Pew’s small-dollar loans project has conducted extensive research on payday, auto title, and similar loans and found that the market is plagued by unaffordable payments, deceptive business practices, and excessive prices.

 

The Consumer Financial Protection Bureau—the federal agency charged with regulating these loans—has proposed a new rule. However, without changes, the regulation would allow payday loans with 400 percent interest rates to flourish while locking out lower-cost loans from banks that could save millions of borrowers billions of dollars.

 

Pew provides research, recommendations, and technical assistance to help state and federal lawmakers craft policies for a fair, safe, and affordable small-dollar loan marketplace.

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