2023 Update: Some States Tighten Rules Against High-Cost Installment Loans; Others Increase Interest Rates and Allow Junk Fees to Pile On
Clear Rate Caps that Prevent Evasions are Critical to Protecting Consumers from Unaffordable Loans
All
-
-
Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2023)
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
-
Consumers Need Strong Protections from Fintech Cash Advances that Create Debt Traps
New Policy Briefs from CRL and NCLC recommend protections to shield consumers from abusive fintech cash advances.
Read More about Consumers Need Strong Protections from Fintech Cash Advances that Create Debt Traps
-
Bankshot: Lauren Saunders Discusses Earned Wage Access. Early Payday or Payday Loan?
If you go to work every day, why don’t you get your paycheck immediately? Chana Schoenberger and Kate Fitzgerald at American Banker’s Bankshot podcast look at a new type of payday advance that sprung up in recent years known as earned wage access and talk to NCLC’s Lauren Saunders about who benefits and how when…
Read More about Bankshot: Lauren Saunders Discusses Earned Wage Access. Early Payday or Payday Loan?
-
American Banker: Banks now offer payday-loan alternatives. How many people use them?
Originally appearing in American Banker (subscription) on May 21, 2023, Polo Rocha interviews Lauren Saunders for a look at how several large and regional banks have started offering small-dollar loans to their cash-strapped customers and at how many Americans are using the products. Banks’ small-dollar loan products are a good option as long as they…
Read More about American Banker: Banks now offer payday-loan alternatives. How many people use them?
Support NCLC
Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!
Donate