New York Times: Dimon Pledges to Change JPMorgan's Practices on Payday Loans
- Safe Small-Dollar Loans Research Project
- Source: The New York Times
- February 26, 2013
Jamie Dimon, the chief executive of JPMorgan Chase, vowed on Tuesday to change how the bank deals with Internet-based payday lenders that automatically withdraw payments from borrowers’ checking accounts.
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According to a report released this month by the Pew Charitable Trusts, an estimated 27 percent of payday loan borrowers say the loans caused them to overdraw their accounts.
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- Safe Small-Dollar Loans Research Project
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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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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
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Philadelphia Inquirer: CFPB: Payday Loans Leading to 'Revolving Door of Debt'
Short-term "payday" loans, and similar "deposit advance" loans offered by major banks, are trapping many consumers in a "revolving door of debt," according to a study due by the Consumer Financial Protection Bureau. The CFPB's study echoes findings in a February report by the Pew Charitable Trusts' Safe Small Dollar Loans Research Project. more
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Los Angeles Times: Bill Would Limit Number of Payday Loans to Any One Borrower
A bill before the California Legislature would restrict the number of payday loans to any one borrower — an attempt to break the "debt cycle" that ensnares some of the state's poorest residents. more
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April 16, 2013
Sacramento Bee: Editorial: An Incremental Step to Stem Payday Loans
Sacramento Bee edititorial: California's $3.3 billion payday lending industry preys on the poor and the financially unsophisticated. Attempts to rein it in have failed. California remains among the most permissive states when it comes to payday lending. more