Pew studies financial products to understand how they can be made safer and more transparent. Pew’s research informs policy solutions to create more effective consumer protections.
The consumer banking initiative studies the accounts that Americans rely on every day to manage their finances, including checking accounts, prepaid cards, and mobile payments.
The small-dollar loans project focuses on small-dollar credit products such as payday and automobile title loans, as well as emerging alternatives.
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Automobile title loans present many of the same problems as payday loans, including unaffordable balloon payments that lead to repeat borrowing, according to a new report released today by The Pew Charitable Trusts. The burden these loans impose on borrowers reinforces the need for the Consumer Financial Protection Bureau (CFPB) and state policymakers to make high-priced, small-dollar loans safer... Read More
This report incorporates results from the first nationally representative telephone survey of this market, a series of focus groups with borrowers, and an examination of regulatory data and company filings to illuminate lender practices, borrower experiences, and common problems in the auto title loan market. Read More