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Payday Lending in America
This collection presents original research findings from the Pew Safe Small Dollar Loans Research Project on the existing landscape for payday lending around the country. more
The LATEST
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- Media Coverage
- Safe Checking in the Electronic Age
TODAY Money: Many Checking Accounts Still Have Hidden Fees
You can’t comparison shop if you don’t know what you’re getting. And that’s what happens, in many cases, when people open a checking account, according to a study released Thursday from the Pew Charitable Trusts. more
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- Media Coverage
- Safe Checking in the Electronic Age
CNNMoney: How Your Checking Account Stacks Up
When it comes to checking accounts, not all banks are created equal, according to a Pew Charitable Trusts study. more
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- Infographic
- Safe Checking in the Electronic Age
Consumer Complaints on Checking Accounts Show Need for Action
When consumers have a complaint about their mortgage, credit card, checking account or other financial product, they can submit it to the Consumer Financial Protection Bureau (CFPB). See how checking accounts compare and learn what account aspects drive the most complaints in this Pew infographic using CFPB data. more
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- Press Release
- Safe Small-Dollar Loans Research Project
Payday Loans: What Are They, Who Uses Them, and Why?
Twelve million Americans take out payday loans each year, spending approximately $7.4 billion annually at 20,000 storefronts and hundreds of websites, plus additional sums at a growing number of banks. To learn more about payday loans, including how they work, who uses them, and why, watch our two videos explaining payday loans.
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May 23, 2013
Payday Loans: Who Uses Them and Why?
Follow the story of Jennifer, a typical payday loan customer who takes out a cash advance and ends up borrowing from her parents to pay it back, an option she could have used initially, instead of taking out a loan. more
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- Infographic
- Safe Small-Dollar Loans Research Project
Payday Loans Do Not Eliminate Checking Account Overdrafts
Payday lenders often advertise their loans as a way to avoid expensive checking account overdrafts. Research shows most borrowers end up paying fees for both. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
MSNBC: For Some, Poverty Creates a Profit
To have an honest debate about how to solve poverty we have to believe everyone in the debate has good will, but even if our approaches differ we all want poverty to end. But the reality is, there are those for whom poverty creates a profit. more
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May 9, 2013
Payday Loans Explained
Twelve million Americans take out payday loans every year, but there are still misconceptions about how they are actually used. Follow the story of Jennifer, a typical payday loan customer, who takes out a cash advance on her paycheck to make ends meet, but ends up paying more than $500 in fees. more
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- Media Coverage
- Prepaid Cards Research Project
Kiplinger: Alternatives to Traditional Banks
Prepaid cards are notorious for their a la carte charges; a recent Pew Charitable Trusts study found that most impose between seven and 15 fees. Many impose a monthly fee, with a median of about $6. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Akron Beacon Journal: Convenient Trap
The Pew Charitable Trusts issued a report on payday-loan borrowers in February that said: “The choice to use payday loans is largely driven by unrealistic expectations and by desperation. Borrowers perceive the loans to be a reasonable short-term choice but express surprise and frustration at how long it takes to pay them back.” more
