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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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  • Predatory Payday Lending
    by Banks on the Rise

    Published: Dec 2 2011      Issue: Payday Loans

    Four big banks are making payday loans to customers, stripping funds from their checking accounts in a cycle of debt near 400% annual interest.

  • AFR Sign-on to OCC on Overdraft and Bank Payday
    Published: Aug 9 2011      Issue: Overdraft Loans, Payday Loans

    Consumer groups fear OCC proposed guidance may legitimize and facilitate the spread of payday lending by national banks, and banks would continue abusive overdraft practices—harming bank customers,...

  • Big Bank Payday Loans
    Published: Jul 21 2011      Issue: Payday Loans

    A new CRL report describes how banks are adding predatory payday loans to their arsenal of inappropriate loan products. These loans drain cash from low-income Americans.

  • Payday Loans S. A.: Corto en crédito, largo en deuda
    Published: Mar 31 2011      Issue: Payday Loans

    Informe del CRL que revela el impacto del uso de largo plazo de los présamos del día de pago y el daño que el molino de deuda causado por este típo de préstamo tiene en las familias del país.

  • Payday Loans, Inc: Short on Credit, Long on Debt
    Published: Mar 31 2011      Issue: Payday Loans

    New CRL research tracking borrowers over two years dispels the notion that a payday loan is a short-term debt. Although marketed and advertised as a quick solution to an occasional financial...

  • The NC Consumer Finance Act Needs No Adjustment
    Published: Mar 1 2011      Issue: Payday Loans

    The Center for Responsible outlines the main reasons the North Carolina Consumer Finance Act needs no further adjusting.

  • San Jose Payday Lending Poll
    Published: Feb 23 2011      Issue: Payday Loans
  • Military and Payday
    Published: Nov 22 2010      Issue: Payday Loans

    Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from...

  • Map of US Payday Stores per Household
    Published: Nov 1 2010      Issue: Payday Loans

    This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans.

  • Summary of the Military Lending Act of 2007
    Published: Oct 22 2010      Issue: Payday Loans

    CRL summarizes the provisions of the Military Lending Act, which restricted the APR for certain types of loans to military personnel to 36%. The MLA covers payday loans, car title loans and refund...

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