States of Innovation: Small Loans, Large Cost

Episode 91

Navigate to:

States of Innovation: Small Loans, Large Cost

Stat: 12 million: The number of Americans who use payday loans each year.

Story: Payday loans can help people facing an unexpected financial crunch—but can also bring unexpected problems. Ohio adopted an innovative new law to protect consumers who were being dragged into a cycle of debt by the very loans they thought would help them. We learn more from Nick Bourke, who directs Pew’s consumer finance work, and Pastor Carl Ruby, who saw the downside to the loans and helped lead the fight to change the law.

Related resources:

Pew Applauds Virginia for Protecting Borrowers, Reforming Small-Dollar Loan Laws

A Wealth of Evidence Backs High-Cost Loan Reform

Virginia’s Payday and Title Lending Markets Among the Nation’s Riskiest

How Ohio Brought Fairness to Payday Loans

Ohio a National Model for Payday Loan Reform

States of Innovation

States of Innovation From 'After the Fact'
States of Innovation From 'After the Fact'

States of Innovation From 'After the Fact'

A new season from Pew’s podcast

Quick View

The latest season of Pew’s “After the Fact” podcast looks at the innovative solutions some states are developing to meet long-standing problems. From making small loans more affordable for consumers, to improving community flood preparedness, to designing corridors for wildlife to migrate safely across high-traffic roads—protecting animals and drivers—state leaders are working together to tackle big challenges.

After the Fact

Spotlight on Mental Health

Composite image of modern city network communication concept

Learn the Basics of Broadband from Our Limited Series

Sign up for our four-week email course on Broadband Basics

Quick View

How does broadband internet reach our homes, phones, and tablets? What kind of infrastructure connects us all together? What are the major barriers to broadband access for American communities?

What Is Antibiotic Resistance—and How Can We Fight It?

Sign up for our four-week email series The Race Against Resistance.

Quick View

Antibiotic-resistant bacteria, also known as “superbugs,” are a major threat to modern medicine. But how does resistance work, and what can we do to slow the spread? Read personal stories, expert accounts, and more for the answers to those questions in our four-week email series: Slowing Superbugs.

Explore Pew’s new and improved
Fiscal 50 interactive

Your state's stats are more accessible than ever with our new and improved Fiscal 50 interactive:

  • Maps, trends, and customizable charts
  • 50-state rankings
  • Analysis of what it all means
  • Shareable graphics and downloadable data
  • Proven fiscal policy strategies

Explore

Welcome to the new Fiscal 50

Key changes include:

  • State pages that help you keep track of trends in your home state and provide national and regional context.
  • Interactive indicator pages with highly customizable and shareable data visualizations.
  • A Budget Threads feature that offers Pew’s read on the latest state fiscal news.

Learn more about the new and improved Fiscal 50.