State Payday Loan Reform

Pew’s research has found that when states do not implement standards around pricing and affordability, payday and auto title loans cost three to four times more than is necessary to have widespread access to this credit. State legislators who want a well-functioning market for small loans can establish strong but flexible safeguards to protect constituents, save them millions of dollars each year, and maintain access to credit. Pew has published recommendations for making small loans safer and more affordable, and regularly provides analysis and technical assistance to state policymakers.

States of Innovation: Small Loans, Large Cost
States of Innovation: Small Loans, Large Cost
Podcast

Small Loans, Large Cost

Episode 91

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Payday loans can help people facing an unexpected financial crunch—but can also bring unexpected problems.

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