Pew’s Safe Small-Dollar Loans Research Project surveyed payday loan borrowers about their usage, as well as other options they would use if payday loans were unavailable. The findings present new data on borrowers and challenge the conventional wisdom surrounding payday loan usage. This research will help policy makers consider the best ways to ensure a safe and transparent marketplace for small-dollar loans.
To learn more, visit our collection of Payday Lending in America resources.
- Date:
- July 18, 2012
- Contact:
- Samantha Lasky | 202.540.6390
- Project:
- Safe Small-Dollar Loans Research Project
- Issues:
- Credit & Lending
Related RESEARCH & ANALYSIS
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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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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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- Infographic
- Safe Small-Dollar Loans Research Project
Infographic: Payday Loans and Tax Time
How do payday loan borrowers use their tax refund? Pew has shown that payday loans are used for long term expenses instead of emergencies, and that many payday borrowers end up paying off their balances with a cash windfall. more