Payday & Installment Loans Archives

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

May 27, 2021

This is an outdated report. For the most current version click here. Caps on interest rates and loan fees are the primary vehicle by which states protect consumers from predatory lending. 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…

Appeals Court Ruling on CFPB Threatens to Perpetuate Predatory Financial Practices

October 20, 2022

5th Circuit Decision Jeopardizes a Decade of Consumer Protections WASHINGTON – In an outrageous opinion that endangers efforts to protect American consumers from big banks and predatory actors, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled this week that the funding mechanism of the Consumer Financial Protection Bureau (CFPB)…

Stopping the Payday Loan Trap

June 1, 2010

Payday loans are very high-cost, short-term loans that ensnare borrowers in a debt trap. As public awareness of the dangers of payday loans has grown, a number of institutions have begun offering alternative products that promise to be more beneficial to the borrower. But payday loan alternatives are not all created equal. Some are considerably…

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

March 1, 2022

Payday lenders and high-cost installment lenders offer fast cash loans that do far more harm than good, adding to rather than alleviating financial distress. As a growing number of states have curtailed high-cost lending, experience shows that people are better off and find better options. The American public, on a bipartisan basis, strongly supports capping…

Predatory Auto Repair Loans by TAB Bank and EasyPay Finance

May 11, 2022

Facing an expensive car repair is bad enough. But repair shops across the nation – including national brands AAMCO, Big O Tires, Grease Monkey, JiffyLube, Meineke, Midas and Precision Tune Auto Care – are steering people to a predatory lender that engages in a variety of questionable practices and charges up to 189% interest in…

Consumer Alert: Deceptive Auto Repair Financing Practices

May 10, 2022

Interest up to 189% may be disguised by interest-free promotions through EasyPay Finance and TAB Bank Before you agree to finance a costly car repair or tire purchase – or accept what appears to be a free 90-day payment plan – beware of fine print that could disguise costly loans at rates up to 189%…

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