Payday & Installment Loans Archives

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American Banker: State efforts to regulate earned wage access are heating up

May 19, 2023

Originally appearing in American Banker (by subscription), Miriam Cross interview Lauren Saunders in a look at attempts across state legislatures to regulate earned wage access services. “California is not banning the product, but it is making clear they are loans, that they are generally subject to California financing laws and they must comply with fee…

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CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”

May 18, 2023

Consent orders target SoLo Funds platform offering loans as high as 511%-4,280% APR WASHINGTON – Advocates applauded new consent orders from California, Connecticut, and the District of Columbia that block the fintech payday loan website SoLo Funds from offering unlicensed payday loans that use “tips” and “donations” to conceal annual percentage rates (APRs) of 511%…

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California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal

May 17, 2023

Proposed rule would require lenders to comply with California law, but triple-digit interest rates could remain.

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American Banker "Can small-dollar loans be both profitable and fair?"

July 29, 2020

Originally airing on July 29, 2020 on the American Banker podcast, Brendan Pedersen interviews Lauren Saunders on the problems with small dollar lending and how lenders can profit while offering fair loans to consumers.

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Data on Earned Wage Advances and Fintech Payday Loan “Tips” Show High Costs for Low-Wage Workers

April 10, 2023

Data collected by the California Department of Financial Protection and Innovation (DFPI) on earned wage advances and other fintech payday loans show a cycle of repeat use and high costs typical of traditional payday loans. DFPI analyzed data covering nearly 6 million transactions by California consumers from seven companies. Three companies had a tip-based model…

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Comments to the CFPB on Proposed Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans

October 7, 2016

Joint comments were submitted by the Center for Responsible Lending, Consumer Federation of America and National Consumer Law Center.

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All

American Banker: State efforts to regulate earned wage access are heating up

CA, CT, DC Issue Orders Against Fintech Payday Loans that Solicit “Tips”

California DFPI Should Prevent Fintech Predatory Lending, Expand Protections in Earned Wage Advance Proposal

American Banker "Can small-dollar loans be both profitable and fair?"

Data on Earned Wage Advances and Fintech Payday Loan “Tips” Show High Costs for Low-Wage Workers

Comments to the CFPB on Proposed Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans

Support NCLC