High-Cost Credit

Payday & Installment Loans

Payday lenders put consumers in a debt trap with balloon-payment loans of 300% APR or more. High-cost installment loans and lines of credit are a longer, deeper debt trap. NCLC fights predatory lending and supports affordable small dollar loans.

50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees

November 21, 2024

Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees. 

Read More about: 50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees
March 6, 2024
July 27, 2016

Recent

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Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2024)

November 21, 2024

50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees

November 21, 2024

Fact Sheet: State Annual Percentage Rate (APR) Caps for $500, $2,000, and $10,000 Installment Loans

September 16, 2024

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

May 15, 2024

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

March 22, 2024

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

March 6, 2024

50-State Survey Finds Larger Loans Need Lower Rates

March 6, 2024

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

December 15, 2023

Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2023)

November 21, 2023

Comments & Letters

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

May 15, 2024

Coalition Letter to the CDFI Fund Regarding Changes to the Certification Application

December 5, 2022

Group Comments to the CDFI Fund Regarding Changes to the Certification Application

December 5, 2022

Consumer Stories Show Congress Must Protect Consumers from Predatory Lending

February 1, 2022

Coalition Letter Supporting the Veterans and Consumers Fair Credit Act

July 29, 2021

Comments to NCUA Regarding CUSO Proposed Rule

April 30, 2021

Letter Regarding Use of the Congressional Review Act to Invalidate OCC True Lender Rule That Facilitates Predatory Lending

April 21, 2021

Letter Opposing Proposed “Fair Access to Financial Services”

January 4, 2021

Coalition Letter to the CFPB Opposing Payday Disclosure Testing

December 14, 2020

Reports

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Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2024)

November 21, 2024

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

March 6, 2024

Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2023)

November 21, 2023

Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2022)

June 28, 2022

Predatory Auto Repair Loans by TAB Bank and EasyPay Finance

May 11, 2022

Predatory Puppy Loans by TAB Bank and EasyPay Finance

February 1, 2022

Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2021)

May 27, 2021

Predatory Installment Lending in the States: 2020

February 28, 2020

Predatory Installment Lending in the States: A Larger and Longer Debt Trap? (2018)

October 1, 2018

Issue Briefs

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Fact Sheet: State Annual Percentage Rate (APR) Caps for $500, $2,000, and $10,000 Installment Loans

September 16, 2024

State Rate Caps for $500 and $2,000 Loans

November 15, 2023

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

April 10, 2023

What States Can Do to Help Consumers: High Cost Loans

March 15, 2022

After Payday Loans: Consumers Find Better Ways to Cope with Financial Challenges

March 1, 2022

Instead of Predatory Loans, a Variety of Strategies Can Help People to Address Budget Shortfalls

February 1, 2022

Federal Ability-To-Repay Requirements for Small Dollar Loans

November 1, 2021

Why Cap Interest Rates at 36%?

August 4, 2021

2021 Banking Agency Predatory Lending and Safe Banking Priorities

January 1, 2021

Press Releases & News

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50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees

November 21, 2024

50-State Survey Finds Larger Loans Need Lower Rates

March 6, 2024

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

December 15, 2023

2023 Update: Some States Tighten Rules Against High-Cost Installment Loans; Others Increase Interest Rates and Allow Junk Fees to Pile On

November 21, 2023

Consumers Need Strong Protections from Fintech Cash Advances that Create Debt Traps

October 11, 2023

Bankshot: Lauren Saunders Discusses Earned Wage Access. Early Payday or Payday Loan?

July 27, 2023

American Banker: Banks now offer payday-loan alternatives. How many people use them?

May 21, 2023

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

May 19, 2023

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

May 18, 2023

Legislation

View All for Legislation
Letter Opposing HR 8338 (Kim), Clarity in Lending Act

May 15, 2024

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

March 22, 2024

H.R. 9307: The SAFE Lending Act of 2022

November 17, 2022

Coalition Letter Supporting the Veterans and Consumers Fair Credit Act

July 29, 2021

From the NCLC Digital Library

Consumer Credit Regulation

Innovative thinking and precise authority on predatory lending and other consumer credit, including the latest payday and installment loans.

Read Chapter One

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