Payday & Installment Loans Archives

All

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

May 21, 2023

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?
Amicus Brief of Ten Consumer Advocacy Organizations in CFPB v. Community Financial Services Association of America

May 22, 2023

NCLC joined an amicus brief with ten organizations, lead by Public Justice, to support the CFPB in a case before the Supreme Court to review the Fifth Circuit’s holding that the CFPB’s funding structure violates the Constitution’s Appropriations Clause and vacating the pay-day lending rule the CFPB promulgated at that time. The amicus brief explains…

Read More about Amicus Brief of Ten Consumer Advocacy Organizations in CFPB v. Community Financial Services Association of America
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…

Read More about American Banker: State efforts to regulate earned wage access are heating up
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%…

Read More about 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

May 17, 2023

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

Read More about 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?"

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.

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

Support NCLC

Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!

Donate

All

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

Amicus Brief of Ten Consumer Advocacy Organizations in CFPB v. Community Financial Services Association of America

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?"

Support NCLC