California is among states with the least regulation of payday lending, allowing loans that if renewed repeatedly would sock borrowers with 391% annual interest rates or higher, according to a new study that classifies states as permissive, restrictive or in

Payday loans — small, short term loans secured against a customer’s next paycheck — are highly controversial. A new study from Pew Charitable Trusts explains that opponents believe the practice “preys” on people who, because of the high interest rates

Payday loans are meant as a stopgap for the fiscally pinched. But in many cases, these short term loans create a costly cycle of escalating debt. A payday loan is like a cash advance on your paycheck. Marketed as a

This report answers major questions about who borrowers are demographically; how people borrow; how much they spend; why they use payday loans; what other options they have; and whether state regulations reduce borrowing or simply drive borrowers online.