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State of Lending in America
The report outlines predatory lending practices in various fields of consumer lending, and explains why protecting fair, affordable access to credit is vital for both consumers and the U.S. economy.

Read the Report

Slick Payday Lender Videos: CRL Responses

Videos

Payday lenders are producing videos designed to make their high-cost loans seem helpful. What they never say is that the vast majority of the loans they make go to borrowers who can't meet the short-term due date for their loan and must borrow again and again, paying about $50 every two weeks for a $300 loan.

In this video, national payday lending chain Check N Go asserts that payday loans are better than overdraft fees. Not so fast. Both are financially harmful and payday lending can lead to more overdraft fees.

Here is what they say...

 

And here is the real deal

 

 
 
 
 

In this video, Check N Go compares other products to payday loans in an attempt to make 390% annual interest sound reasonable. They don't say that payday borrowers are typically caught in these high-cost loans for much longer than they ever planned.  Payday loans are designed to be long-term debt and while many borrowers do default, it is only after paying hundreds of dollars in interest for an average $300 loan. 

Here is what they say... 

 

And here is the real deal