National Consumer Law Center Report Outlines What Happens After Payday Lenders are Restricted

Consumers in states where predatory lenders are expelled report being relieved and many adapt by employing a variety of safer financial strategies, including budgeting and borrowing from family. However, even once predatory lenders are driven out, payday lenders are finding legal loopholes – such as overdraft loans, installment loans, and auto title loans – that enable them to prey upon the most vulnerable in the community again.

Read the entire National Consumer Law Center report to learn more about what happens when states restrict high-cost loans by clicking here.