Payday and Other Small Dollar Loans

Payday, car-title, and similar high-cost loans, typically with interest rates of 100% APR and higher, trap people in crippling long-term debt. CRL advocates for regulators to require lenders to verify borrowers can afford to repay a loan before that loan is issued. CRL also advocates for interest rate caps of no higher than 36% APR and for enforcement of current usury laws.

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Phantom Demand: Short-term Due Date Generates Need for Repeat Payday Loans

Phantom Demand: Short-term Due Date Generates Need for Repeat Payday Loans

Download the complete report >> (PDF, 31 pp.) Download the executive summary >> (PDF 4 pp.) Watch our 2 minute video press release on Phantom Demand Leslie Parrish discusses the findings in this 9 minute webinar A full three quarters of loan volume of the payday lending industry is generated by borrowers who, after meeting the short-term due date of...
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Payday and Other Small Dollar Loans

Race Matters: The Concentration of Payday Lenders in African-American Neighborhoods in North Carolina

Race Matters: The Concentration of Payday Lenders in African-American Neighborhoods in North Carolina

While the payday lending industry frequently describes its typical customer in detail, discussion of race is noticeably absent. This report corrects that omission. Our analysis of North Carolina neighborhoods reveals a powerful relationship between the proportion of African-Americans in a neighborhood and the prevalence of payday lending stores. African-American neighborhoods have historically been disadvantaged by unfair lending practices. This study...
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Payday and Other Small Dollar Loans
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