Payday & Installment Loans Archives

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

November 15, 2023

Bar graphs showing the Annual Percentage Rate Caps for $500 and $2,000 Loans

Letter Regarding S.B. 472, Earned Income Access Service Providers Act

July 5, 2019

Letter in opposition to the current version of the Earned Income Access Service Providers Act, which fails to address the critical issues discussed in NCLC’s April 24, 2019 letter.

Letter Opposing Proposed “Fair Access to Financial Services"

January 4, 2021

Letter in opposition the Office of the Comptroller of the Currency (OCC)’s proposal to unreasonably limit banks’ ability to decide not to serve particular entities.

Group Comments to the CFPB Opposing Changes in Rules on Payday, Title and Certain Installment Loans and Rescission of Ability-to-Repay Rule

May 15, 2019

Comments on Proposal to Rescind Ability-to-Repay Requirements Governing Payday, Vehicle Title, and Certain High-Cost Installment Loans, Docket No. CFPB-2019-0006

First Amended Complaint: Sims v. Opportunity Financial, LLC

September 1, 2020

This case challenges Defendants’ conduct contracting with Plaintiff and other members of the general public for consumer installment loans, auto title loans, vehicle secured loans and other loans (hereinafter collectively referred to as “Consumer Loans”) in which usurious, excessive, unfair, unconscionable, and unlawful interest rates and other charges are imposed in violation of California and Utah law. Cal. Fin. Code. §§ 22750, 22302; 22303; Cal. Civ. Code § 1670.5; Utah Code §§ 15-1-1, 70A-2-302, 70C-7-106, 70C-7-201.

Federal Ability-To-Repay Requirements for Small Dollar Loans

November 1, 2021

Underwriting for the ability to repay is at the core of responsible lending. For small-dollar lending and other forms of non-mortgage lending, these are some of the applicable federal statutes, regulations, and guidances that address appropriate underwriting to ensure responsible lending.

All