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payday loans in dc

Another kind of non-bank SDLs includes car name loans

Another kind of non-bank SDLs includes car name loans

Dining dining Table 1: data on payday advances from CFPB (2020)

APR Loan Size Duration (days) charges per $100
suggest Median suggest Median Mean Median suggest Median
339% 322% $392 $350 18.3 14 $15 $14.40

A split study by Pew (2012) further examines cash advance terms by identifying between (1) the 28 “permissive states” that allow fees which range from $15 to $20 per $100 loaned; (2) the 14 “restrictive states” that either prohibit payday lending or impose price caps “low enough to get rid of payday payday loans FL financing when you look at the state” (frequently 36 %); and (3) the residual, reasonably restrictive states. The relevant results are shown in Table 2 in“permissive” states, which consist of 55 percent of the U.S. population.

dining Table 2: data on payday advances from Pew (2012)

APR number (permissive states) Mean charges per $100 (permissive states) Mean loan size (all states)
391 – 521% $15 – 20 $375