With Payday Loans Burying Borrowers, Community Tries Alternatives

Yuki Noguchi | North Carolina Public Radio
But Diane Standaert, director of state policy for the Center for Responsible Lending, said many payday borrowers turn to these less risky options only after they get in trouble with payday loans. "I think by the time people utilize their options, they're trying to get out of a very difficult situation from a loan that is essentially designed to be nearly impossible to escape," she said.

American Voters Favor a Well-Regulated Payday Lending Industry

National Council of La Raza
The American public has a very low opinion of payday lenders, says a new poll out from the NCLR Action Fund, Americans for Financial Reform, Center for Responsible Lending, and the NAACP. The poll, which comes on the heels of a proposed Consumer Financial Protection Bureau rule to reign in predatory lending, shows Americans see little value in the services payday lenders provide.

Why the CFPB’s Sweet Spot for Installment Loan APR is 36%

Kate Berry | American Banker
"From a broad policy standpoint, looking at the economics of lending, there is a trade-off between interest rates and costs to have a profitable model," said Mike Calhoun, president of the Center for Responsible Lending, who cited the "congressional recognized standard" of 36% in the Military Lending Act. "High interest rates means a large percentage of your loans are unaffordable."

Google to Ban Payday Loan Advertisements

Andrea Peterson and Jonnelle Marte | The Washington Post
Google announced Wednesday that it will ban all payday loan ads from its site, bowing to concerns by advocates who say the lending practice exploits the poor and vulnerable by offering them immediate cash that must be paid back under sky-high interest rates. The decision is the first time Google has announced a global ban on ads for a broad category of financial products.