Payday & Installment Loans Archives

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NCLC Applauds End of 650% MetaBank Prepaid Card Payday Loan

October 14, 2010

Other Regulators Should Follow OTS Action Against Similar Bank Payday Loans WASHINGTON, Oct. 14 /PRNewswire-USNewswire/ — MetaBank will no longer be offering its 650% payday loans on prepaid cards as a result of action by the bank’s regulator, the Office of Thrift Supervision. MetaBank disclosed in a filing October 12 with the Securities and Exchange Commission that OTS “has…

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Letter Opposing HR 8338 (Kim), Clarity in Lending Act

May 15, 2024

NCLC Opposes HR 8338, which would exempt any bank or other creditor that offers specified small-dollar loans from any civil penalties or damages for violating TILA, the FCRA, ECOA, EFTA and other laws.

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Testimony in Opposition to H4456: An Act Relative to Financial Technology Services

March 22, 2024

H4456 declares that fintech payday loans are not loans and their costs are not interest subject to Massachusetts’ protections against predatory lending. Currently in Massachusetts, loans under $6,000 are limited to “23% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $20.” H4456…

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50-State Survey Finds Larger Loans Need Lower Rates

March 6, 2024

Everything that is wrong with a high-cost loan is only made worse when the loan is larger and the terms are longer.

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Larger Loans Need Lower Rates: A 50-State Survey of the APRs Allowed for a $10,000 Loan

March 6, 2024

This report surveys the interest rates and loan fees allowed by all 50 states and the District of Columbia for an unsecured 5-year installment loan of $10,000.

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Senate Introduces 36% Rate Cap Bill to Curb High-Cost Loans, Junk Fees

December 15, 2023

Senator Jack Reed (D-RI) introduced the Predatory Lending Elimination Act, which extends to veterans and all consumers the 36% annual percentage rate cap found in the Military Lending Act and prevents the use of junk fees to hide high-cost loans.

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NCLC Applauds End of 650% MetaBank Prepaid Card Payday Loan

Letter Opposing HR 8338 (Kim), Clarity in Lending Act

Testimony in Opposition to H4456: An Act Relative to Financial Technology Services

50-State Survey Finds Larger Loans Need Lower Rates

Larger Loans Need Lower Rates: A 50-State Survey of the APRs Allowed for a $10,000 Loan

Senate Introduces 36% Rate Cap Bill to Curb High-Cost Loans, Junk Fees

Support NCLC