February 4th, 2009
One of the primary arguments used by critics of the payday lending industry is that payday loans push consumers into a “cycle of debt” from which they cannot escape. A recent study from Clemson University refutes this argument, concluding:
“…there is no statistical evidence to support the ‘cycle of debt’ argument often used in passing legislation [...]
January 16th, 2009
A new study by management consulting firm Bretton Woods found that banks and credit unions collected a staggering $37 billion in non-sufficient funds and overdraft fees in 2008. This represents and increase of 97% over the past 3 years.
Furthermore, 80% of overdraft fees ae incurred by about 20% of households. These consumers paid an average of [...]
December 8th, 2008
The FDIC just released a new study of bank overdraft programs. The study confirms what our customers already know - bank overdraft loans are almost always more expensive than short term loans from companies like PayDay One and ThinkCash. In fact, the study calculated that the APR on a typical overdraft transaction can be 3,520 [...]
November 17th, 2008
A new study from Dartmouth College suggests that restricting access to payday loans harms, rather than helps, consumers. The study, conducted by Prof. Jonathan Zinman, evaluated the impact of interest rate and loan term restrictions imposed by the State of Oregon in 2007. These restrictions caused most payday lenders to exit the state, reducing consumer [...]
