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Challenging Payday Lenders By Opening Up The Market For Small-Dollar Loans, Eliza Platts-Mills, Justin Chung
Challenging Payday Lenders By Opening Up The Market For Small-Dollar Loans, Eliza Platts-Mills, Justin Chung
Brigham Young University Journal of Public Law
“Why hasn’t someone else stepped in to lend at lower interest rates?” is the question frequently asked in discussions of payday loans. The average payday loan carries an Annual Percentage Rate (APR) of over 300%. Given the strength of th e payday lenders lobby at the federal and state level, one way to help low- and moderate-income households escape the financial harms of pa yday loans is to encourage other lenders to enter the small-dollar loan market and offer more affordable products. Over the past ten years, an array of affordable small-dollar loan programs offered by banks, credit unions, non-profit …
Challenging Payday Lenders By Opening Up The Market For Small-Dollar Loans, Rex E. Lee
Challenging Payday Lenders By Opening Up The Market For Small-Dollar Loans, Rex E. Lee
Brigham Young University Journal of Public Law
“Why hasn’t someone else stepped in to lend at lower interest rates?” is the question frequently asked in discussions of payday loans. The average payday loan carries an Annual Percentage Rate (APR) of over 300%. Given the strength of th e payday lenders lobby at the federal and state level, one way to help low- and moderate-income households escape the financial harms of pa yday loans is to encourage other lenders to enter the small-dollar loan market and offer more affordable products. Over the past ten years, an array of affordable small-dollar loan programs offered by banks, credit unions, non-profit …