//High Cost Small Loans
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High-Cost Rent-a-Bank Loan Watch List

2020-09-04T20:34:42-05:00March 17, 2020|Categories: High Cost Small Loans|

Interest rate limits are the simplest and most effective protection against predatory lending. Since the time of the American Revolution, states have limited interest rates to protect their residents. American voters strongly support interest rate caps. At least 45 states and the District of Columbia (DC) cap rates on at least some installment loans. But [...]

Rent-a-Bank Loans

2020-09-04T11:28:59-05:00February 20, 2020|Categories: High Cost Small Loans|

Predatory Rent-a-Bank Loan Watch List by State Policy Briefs & Fact Sheets Brief: Payday Lenders Plan to Evade California’s New Interest Rate Cap Law through Rent-A-Bank Partnership, October 2019 Brief: FDIC/OCC Proposal Would Encourage Rent-a-Bank Predatory Lending, December 2019 Fact Sheet: Stop Payday Lenders Rent-a-Bank Schemes, November 2019 Op-eds & Media Hits Op-Ed: Rent-a-bank schemes [...]

Usury

2020-03-11T13:58:59-05:00March 7, 2010|Categories: High Cost Small Loans, Issues|

HOT TOPICS Report: A Larger and Longer Debt Trap?: Analysis of States' APR Caps for a $10,000 Five-Year Installment Loan, Oct. 2018  Press Release Predatory Installment Lending in 2017: States Battle to Restrain High-Cost Loans, Aug. 2017 Comments to OCC on special purpose national bank charters, Jan. 17, 2017: NCLC comments. Short coalition comments. Report: Installment Loans: [...]

Overdraft Loans

2020-03-11T16:13:31-05:00March 7, 2010|Categories: High Cost Small Loans, Issues|

Policy Analysis || Additional Resources The banking industry is making forays into the high-cost lending market with “bounce protection” plans, a new form of high-cost credit that boosts fee income for banks. Using aggressive marketing techniques, banks are encouraging their low- and moderate-income customers to use bounce loans as a source of credit. Rather than [...]

Refund Anticipation Loans and Checks

2020-02-20T11:22:43-05:00March 7, 2010|Categories: High Cost Small Loans, Issues|

Used mostly by low and moderate income consumers, tax refund anticipation loans are extremely high-cost bank loans secured by the taxpayer's expected refund -- loans that last 7-14 days until the actual IRS refund repays the loan. Even without the costly loan, most taxpayers could have their refund in two weeks or less. RALs are [...]

Payday and Installment Loans

2020-09-14T11:01:41-05:00March 7, 2010|Categories: High Cost Small Loans, Issues|

  HOT TOPICS Predatory Rent-a-Bank Lending CFPB Guts Curbs on Unaffordable 400% APR Payday Loans, July 7, 2020 Early Wage Access: A Good Option for Workers or a Fintech Payday Loan? State Rate Caps for $500 and $2,000 Loans: 1-pager, Report What States Can Do to Help Consumers: High Cost Loans After Payday Loans: How [...]