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The payday lending industry frequently supports what they call reform of their own industry in state legislative battles, because they know that most of the measures in debate will not slow the rate at which they can make repeat payday loans to the same borrower. Our report, Phantom Demand, shows how the industry depends on “churned” borrowers, those who have to take a new loan before their next payday, for three quarters of their business.

In public, payday lenders say their loans are for infrequent use. In private, they say things like this: "The theory in the business is you've got to get that customer in, work to turn him into a repetitive customer, long-term customer, because that's really where the profitability is." (Dan Feehan, CEO of Cash America, remarks made at the Jeffries Financial Services Conference, 6-20-07)

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  • Comments on NCUA's Notice of Proposed Rulemaking on Short-term, Small Amount Loans
    Published: Jul 6 2010      Issue: Payday Loans

    Comments of the Center for Responsible Lending on the Notice of Proposed Rulemaking on Short-term, Small Amount Loans from National Credit Union Administration--12 CFR Part 701--RIN 3133-AD71....

  • Mainstream banks making payday loans
    Published: Feb 24 2010      Issue: Payday Loans

    National bank regulator, the OCC, must stop this trend before it takes off among more national banks, making millions vulnerable to predatory loans even in states that don't allow it from payday...

  • Consumer Financial Protection Agency Could Have Stopped Abuses that Plague Americans Today
    Published: Oct 23 2009      Issue: Auto Financing, Car Title Loans, Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans

    CRL shares stories of everyday people affected by financial abuse and emphasizes the need for the Consumer Financial Protection Agency to ensure that they and others are protected from such abuses...

  • Consumer Financial Protection Agency Could Have Stopped Abuses that Plague Americans Today
    Published: Oct 23 2009      Issue: Auto Financing, Car Title Loans, Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans

    CRL shares stories of everyday people affected by financial abuse and emphasizes the need for the Consumer Financial Protection Agency to ensure that they and others are protected from such abuses...

  • Phantom Demand: Short-term due date generates need for repeat payday loans, accounting for 76% of total volume
    Published: Jul 9 2009      Issue: Payday Loans

    CRL analysis reveals that a sizeable majority of payday lending volume is generated by payday debt itself—borrowers need to open a new loan shortly after repaying a previous loan because repayment...

  • La Demanda Fantasma de Payday Loans
    Published: Jul 9 2009      Issue: Payday Loans

    Este análisis revela que la gran parte del volumen de los préstamos de “payday” hechos es generado por la deuda causada por el mismo préstamo y no por la necesidad del producto.

  • Financial Reform that Protects Consumers
    Published: Jun 25 2009      Issue: Auto Financing, Car Title Loans, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    For years, federal bank regulators looked the other way; now Congress has a chance to reform our system of checks and balances, make banks accountable, and protect consumers from abusive financial...

  • Financial Reform that Protects Consumers
    Published: Jun 25 2009      Issue: Auto Financing, Car Title Loans, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    For years, federal bank regulators looked the other way; now Congress has a chance to reform our system of checks and balances, make banks accountable, and protect consumers from abusive financial...

  • Regulatory Restructuring: Enhancing Consumer Financial Products Regulation
    Published: Jun 24 2009      Issue: Auto Financing, Car Title Loans, Consumer Financial Protection Bureau, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    Kathleen Keest, Senior Policy Counsel at CRL, testified before the House Financial Services Committee on CRL's support for a strong, state-of-the-art consumer protection agency for financial...

  • Payday Loans: A Stepping Stone to Debt, Reduced Credit Options and Bankruptcy
    Published: Jun 24 2009      Issue: Payday Loans

    Collection of research studies on payday lending that counter the argument that the absence of payday loans cause bankruptcy and suggest that access to payday loans increases the likelihood that...

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