Payday & Other Small Dollar Loans

On average, payday loans carry a 391% APR (annual percentage rate). Strategically located in low-income neighborhoods, payday loan stores reap billions of dollars in interest and fees on a product designed to force borrowers into repeat loans. Because lenders are first in line for repayment with the customer’s check, dated the customer’s next payday, or access to the checking account, they make loans without regard to the borrower’s ability to repay.