Project News
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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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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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