Nick Bourke is director of consumer finance at Pew, which includes the small-dollar loans and consumer banking projects. These teams conduct research on payday and other small loans and study the accounts that Americans rely on every day to manage their finances, such as checking accounts, prepaid cards, and mobile payments. They also offer recommendations designed to protect consumers from harmful practices and promote safe, transparent financial markets.
Bourke oversees a team of researchers and other professionals, publishing unique analyses and proposing evidence-based regulation for key segments of the financial services industry. He has testified before congressional committees and frequently interacts with stakeholders from industry and consumer groups. Bourke has conducted numerous interviews on national television and radio news programs and with top print publications.
Bourke previously led Pew’s successful campaign to reform regulation of the credit card industry. Before joining Pew, he worked with financial services and high tech companies, serving as product manager, strategy consultant, and legal adviser, with particular expertise in electronic payments. Most recently, Bourke was senior consultant and project manager for the Ziba Group, where his clients included Visa and other financial services firms. Bourke has also developed marketing analytics products for credit card providers and other organizations. He is a member of the State Bar of California.
Bourke holds a bachelor’s degree in science, technology, and society from Stanford University and a Juris Doctor from the University of California, Davis.
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Payday loans typically carry annual percentage rates of 300 to 500 percent and are due on the borrower’s next payday (roughly two weeks later) in lump-sum payments that consume about a third of the average customer’s paycheck, making the loans difficult to repay without borrowing again. They are characterized by unaffordable payments, unreasonable loan terms, and unnecessarily high... Read More
Typical payday loans have unaffordable payments, unreasonable durations, and unnecessarily high costs: They carry annual percentage rates (APRs) of 300 to 500 percent and are due on the borrower’s next payday (roughly two weeks later) in lump-sum payments that consume about a third of the average customer’s paycheck, making them difficult to repay without borrowing again. Read More
Nationwide, Americans in all demographic groups use payday loans. The only requirements to obtain such credit are a checking account and a source of income. Typical borrowers earn about $30,000 per year, and most use the loans to cover recurring expenses such as rent, mortgage payments, groceries, and utilities. Read More