State Payday Loan Reform

State Payday Loan Reform
Last Updated June 17, 2021

Pew’s research has found that when states do not implement standards around pricing and affordability, payday and auto title loans cost three to four times more than is necessary to have widespread access to this credit. State legislators who want a well-functioning market for small loans can establish strong but flexible safeguards to protect constituents, save them millions of dollars each year, and maintain access to credit. Pew has published recommendations for making small loans safer and more affordable, and regularly provides analysis and technical assistance to state policymakers.

States of Innovation: Small Loans, Large Cost
States of Innovation: Small Loans, Large Cost
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Small Loans, Large Cost

Episode 91

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Payday loans can help people facing an unexpected financial crunch—but can also bring unexpected problems.

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Data-driven policymaking is not just a tool for finding new solutions for emerging challenges, it makes government more effective and better able to serve the public interest.

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States of Innovation

Data-driven state policy innovations across America

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Data-driven policymaking is not just a tool for finding new solutions for difficult challenges. When states serve their traditional role as laboratories of innovation, they increase the American people’s confidence that the government they choose—no matter the size—can be effective, responsive, and in the public interest.