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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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  • Wealth-stripping payday loans trouble communities of color
    Published: Oct 2 2008      Issue: Payday Loans

    An examination of payday lending storefront locations in Maricopa and Pima Counties—in which over three-quarters of Arizona payday lenders are located—reveals a pattern of these stores clustering...

  • High-Cost Payday Lending Traps Arizona Borrowers
    Published: Sep 16 2008      Issue: Payday Loans

    CRL looks at payday lending in Arizona, where $149 million per year are stripped from working families in unfair payday lending fees.

  • Ohio Payday Hearing
    Published: May 7 2008      Issue: Payday Loans

    Testimony of Uriah King, Center for Responsible Lending before the Ohio Senate Finance and Financial Institutions Committee

  • Comment: Implementation of Military Lending Amendment
    Published: Feb 26 2008      Issue: Car Title Loans, Credit Cards, Mortgage Lending, Overdraft Loans, Payday Loans, Refund Anticipation Loans

    Comments on Implementation of Limitations on Terms of Consumer Credit Extended to Service Members and Dependents

  • Springing the Debt Trap
    Published: Dec 13 2007      Issue: Payday Loans

    CRL analysis of states that have tried to reform payday lending, finding that only the 36% rate cap has worked.

  • Springing the Debt Trap-Exec Summary
    Published: Dec 13 2007      Issue: Payday Loans

    Executive summary of Springing the Debt Trap - outlines what reforms states have tried, documents that none have worked except for the 36% rate cap.

  • CRL Critique of “Payday Holiday: How Households Fare After Payday Credit Bans” by Donald P. Morgan and Michael R. Strain
    Published: Dec 10 2007      Issue: Payday Loans

    A working paper by a staffer at the Fed Bank of NY is fundamentally flawed, offers no valid information, and is being used to justify policy that keeps low-wealth borrowers trapped in...

  • North Carolina Consumers after Payday Lending
    Published: Nov 13 2007      Issue: Payday Loans

    NC Commissioner of Banks and UNC study finds working families do not miss payday lending. Consumers use a variety of options to manage financial distress.

  • The Payment Plan Smokescreen
    Published: Jun 4 2007      Issue: Payday Loans

    Facing increasing scrutiny of the problems caused by payday lending, the industry trade group recently announced a new public relations campaign that claims to address the problem of loan flipping...

  • Foreclosure, Predatory Mortgage and Payday Lending
    Published: Mar 21 2007      Issue: Mortgage Lending, Payday Loans

    Testimony discusses development of subprime market, inequities and foreclosures having a devastating effect in areas including urban areas with high concentrations of minorities

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