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Payday loans

Americans go into debt — this time for groceries

by Samantha Fields
May 17, 2024
More than a quarter of Americans used a credit card to buy groceries last year and did not pay off the balance when it was due.
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Could financial warning labels help borrowers avoid risky loans?

by Scott Morgan
May 29, 2023
Some experts back the idea for certain high-interest loans. But it likely wouldn't put off desperate short-term borrowers.
A man exits a payday loan store in London. Some experts say a warning label for certain high-interest loans could be beneficial.
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Elections 2020

Nebraskans vote to cap interest rates on payday loans

by Samantha Fields
Nov 11, 2020
Voters overwhelmingly approved limiting annual interest on small-dollar loans to 36%.
A new report from the Joint Economic Committee in Congress finds that Black, Hispanic, and poorer Americans are much more likely to be considered "unbanked" or "underbanked".
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CFPB rolls back restrictions on payday lenders

by Samantha Fields
Jul 9, 2020
Lenders will not have to verify whether borrowers have the ability to pay back high-interest loans
About 12 million Americans take out payday loans every year, mostly to cover necessities like rent or utilities.
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Savings app aims to combat predatory payday loans

by Peggy Lowe
Aug 9, 2019
Still in its pilot phase, Onward promotes saving in small increments with a view to building a nest egg and eventually creating credit.
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CFPB will take another look at the payday lending rules

by Sabri Ben-Achour
Jan 17, 2018
Last year, the Obama administration enacted new rules regarding payday lending. They haven’t yet come into effect. Now, the Consumer Financial Protection Board says it will reconsider the tighter regulation that would have required payday lenders to make sure the people they lend to can actually repay their loans. The rule was bitterly opposed by […]
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Payday loan business facing tougher rules

by Sabri Ben-Achour
Oct 5, 2017
Lenders would have to check a borrower’s ability to repay a loan but there are lots of loopholes protecting the loan business.
A neon sign above a branch of Payday Loans, who offer cash for gold and instant check cashing services.
Oli Scarff/Getty Images
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Who are the unbanked?

by David Brancaccio
Jun 29, 2017
Income volatility is increasingly driving low- and middle-income Americans to check cashers and payday lenders.
Oli Scarff/Getty Images
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In Louisiana, kids learn about balancing the books and paying bills

by Marketplace Contributor
Dec 2, 2016
Last May, Louisiana made financial literacy a mandatory topic in state public schools.
At the Finance Park, a financial literacy simulation in Baton Rouge, middle school students learn the basics of paying bills and taxes, and how to balance a monthly budget.
Jesse Hardman
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Consumer bureau proposes new rules for payday lenders

by Kimberly Adams
Jun 2, 2016
CFPB rules target payday, auto title, and high-interest installment loans.
Dan Kitwood/Getty Images
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