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Small-dollar, short-term loans such as payday, automobile title, tax refund anticipation loans and similar financial products provide immediate economic relief for thousands of Americans each year. However, what appears to be a quick fix turns into long-term debt, with consumers ultimately spending far more than the loan’s advertised price.
The Pew Safe Small Dollar Loans Research Project, a two-year initiative, develops research-based, federal policy recommendations to protect consumers from dangerous forms of short-term loans. The project promotes alternatives that are safe and affordable by quantifying the problem, analyzing potential solutions and educating the public.
Oct 30, 2013 - The final report in the "Payday Lending in America" series discusses the safeguards that are necessary to create successful small-dollar loan markets, and presents an analysis of a recent Colorado law change showing these safeguards can be applied while maintaining access to credit.
View: Full Report (Adobe PDF)
Feb 20, 2013 - For someone in need of quick cash, a payday loan can look like a way to avoid asking loved ones for help or getting into long-term debt. But these loans usually prove unaffordable, leaving borrowers in debt for an average of five months.
Jul 18, 2012 - This report—the first in Pew’s Payday Lending in America series—answers major questions about who borrowers are demographically; how people borrow; how much they spend; why they use payday loans; what other options they have; and whether state regulations reduce borrowing or simply drive borrowers online.
Nov 22, 2011 - The Pew Health Group’s Financial Security Portfolio responds to the U.S. Department of Treasury’s request for comment, published at FR 2011-23235, on the Office of Financial Education and Financial Access potential financial access activities.
Aug 15, 2011 - The Pew Financial Security Portfolio, a part of the Pew Health Group, responds to the Consumer Financial Protection Bureau’s call for comments on Docket ID CFPB-HQ-2011-2.
Jul 11, 2011 - The Pew Financial Security Portfolio, a part of the Pew Health Group, responds to the Office of the Comptroller of the Currency’s call for comments on Docket ID OCC-2011-0012, Guidance on Deposit-Related Consumer Credit Products.
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