The Facts

  • An estimated 40% of payday loan recipients seek such loans only after rejection by traditional lenders.
  • Payday borrowers, contrary to popular belief, are educated and employed.
  • Regulations in other states have forced many such lenders out of business, limiting credit options for those that the laws supposedly were designed to protect.

 

Recommendation

  • No attempts should be made to add further barriers to payday lending and restrict access to capital for those in need of short-term loans.

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