Project News
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Yesterday
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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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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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
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- Press Release
- Safe Small-Dollar Loans Research Project
Pew Survey: Payday Loans Fail to Work As Advertised
A new report from The Pew Charitable Trusts, Payday Lending in America: How Borrowers Choose and Repay Payday Loans, sheds light on the decision 12 million Americans make every year to use a payday loan.
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December 3, 2012
Paying for the Holidays
As the holiday shopping season takes off, consumers are turning to a variety of financial management tools. View our slideshow and learn more about Pew’s research on hidden bank fees, the growing use of prepaid debit cards, and the actual duration of payday loans that are marketed as two-week products.
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Media Coverage
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- Media Coverage
- Safe Small-Dollar Loans Research Project
USA Today: Payday Loans Can Get Out of Control
The real question is, can [borrowers] actually afford to repay the payday loans? Come up with $300 or $500 in just two weeks? Or even in a month? more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Marketplace: Payday Lenders Need to Be More Transparent
Every year, 12 million Americans take out high-interest, short-term payday loans. The industry likes to claim it's offering a needed service and helping people who can't get credit anywhere else. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
The Charlotte Post: Survey Reveals Payday Loan Demographics
A national study on the $7.4 billion payday lending industry could provide a glimpse at the implications for North Carolina consumers should a bill become law. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
New York Times: Dimon Pledges to Change JPMorgan's Practices on Payday Loans
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. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
New York Times: Major Banks Aid in Payday Loans Banned by States
Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Marketplace: Payday Lenders Inspire Mixed Feelings From Borrowers
Payday loans are advertised as quick fixes. But a new report from The Pew Charitable Trusts found the average borrower ends up in debt for five months. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
CNNMoney: Americans in Love-Hate Relationship with Payday Loans
(Borrowers) say the loans rip them off, yet the relief of quick cash leaves them coming back for more. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Cleveland Plain Dealer: New Study Finds Most Payday Borrowers Can't Repay Loans
A staggering 86 percent of payday loan customers can't afford to repay their loans from their monthly household budgets, according to a new study from Pew Charitable Trusts. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Seattle Times: Op-ed: Payday-lending Law Works in Washington State
THE Washington Legislature is the subject of more than its fair share of criticism, but we should recognize that it passes laws that protect the public and save us money. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
BET News: The Truth About Payday Loans
Many Americans are increasingly turning to high interest, short term loans to try to make ends meet, but a brief overview of payday lending’s problematic setup shows that it’s often a false solution to a false problem. more
