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