stop payday loans

Another kind of non-bank SDLs includes automobile title loans

Another kind of non-bank SDLs includes automobile title loans

Dining dining Table 1: data on pay day loans from CFPB (2020)

APR Loan Size Duration (days) costs per $100
suggest Median Mean Median Mean Median suggest Median
339% 322% $392 $350 18.3 14 $15 $14.40

A study that is separate Pew (2012) further examines cash advance terms by distinguishing between (1) the 28 “permissive states” that allow costs which range from $15 to $20 per $100 loaned; (2) the 14 “restrictive states” that either prohibit payday lending or impose price caps “low enough to get rid of payday financing within the state” (frequently 36 per cent); and (3) the rest of the, averagely restrictive states.Read More »Another kind of non-bank SDLs includes automobile title loans