The LATEST
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- Issue Brief
- Safe Small-Dollar Loans Research Project
Guidance on Deposit Advance Products
Enclosed are comments on guidance that the FDIC and OCC (the Agencies) have proposed regarding deposit advance loans. As your guidance recognizes, the essential issue is the borrower's ability to repay. Deposit advance loans unrealistically require lump-sum repayments that far exceed most borrowers' financial capacity. The predictable result is that customers are unable to repay the loans and meet their other financial obligations, resulting in prolonged periods of renewing or re-borrowing. 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
