Small Dollar Lending

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Short-Term, Small-Dollar Lending

Author : Congressional Research Service
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781973784029
Total Pages : 32 pages
Book Rating : 4.7/5 (84 download)

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Book Synopsis Short-Term, Small-Dollar Lending by : Congressional Research Service

Download or read book Short-Term, Small-Dollar Lending written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-07-20 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Short-term, small-dollar loans are consumer loans with relatively low initial principal amounts (often less than $1,000) with relatively short repayment periods (generally weeks or months). Short-term, small-dollar loan products are frequently used to cover cash-flow shortages that may occur due to unexpected expenses or periods of inadequate income. Small-dollar loans can be offered in various forms and by various types of lenders. Banks and credit unions (depositories) can make small-dollar loans through financial products such as credit cards, credit card cash advances, and checking account overdraft protection programs. Small-dollar loans can also be provided by nonbank lenders (alternative financial service [AFS] providers), such as payday lenders and automobile title lenders. The extent that borrower financial situations would be made worse from the use of expensive credit or from limited access to credit is widely debated. Consumer groups often raise concerns regarding the affordability of small-dollar loans. Borrowers pay rates and fees for small-dollar loans that may be considered expensive. Borrowers may also fall into debt traps, situations where borrowers repeatedly roll over existing loans into new loans and subsequently incur more charges rather than completely paying off the loans. Although the vulnerabilities associated with debt traps are more frequently discussed in the context of nonbank products such as payday loans, borrowers may still find it difficult to repay outstanding balances and face additional charges on loans such as credit cards that are provided by depositories. Conversely, the lending industry often raises concerns regarding the reduced availability of small-dollar credit. Regulations aimed at reducing costs for borrowers may result in higher costs for lenders, possibly limiting or reducing credit availability for financially distressed individuals. This report provides an overview of the small-dollar consumer lending markets and related policy issues. Descriptions of basic short-term, small-dollar cash advance products are presented. Current federal and state regulatory approaches to consumer protection in small-dollar lending markets are also explained, including a summary of a proposal by the Consumer Financial Protection Bureau (CFPB) to implement federal requirements that would act as a floor for state regulations. The CFPB estimates that its proposal would result in a material decline in small-dollar loans offered by AFS providers. The CFPB proposal has been subject to debate. The Financial CHOICE Act of 2017, which was passed by the House of Representatives on June 8, 2017, would prevent the CFPB from exercising any rulemaking, enforcement, or any other authority with respect to payday loans, vehicle title loans, or other similar loans. After discussing the policy implications of the CFPB proposal, this report examines general pricing dynamics in the small-dollar credit market. The degree of market competitiveness, which may be revealed by analyzing market price dynamics, may provide insights concerning affordability and availability options for users of certain small-dollar loan products. The Appendix discusses how to conduct meaningful price comparisons using the annual percentage rate (APR) as well as some general information about loan pricing.

Small Dollar Lending

Author : Sian Baldwin Jones
Publisher :
ISBN 13 :
Total Pages : 162 pages
Book Rating : 4.:/5 (865 download)

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Book Synopsis Small Dollar Lending by : Sian Baldwin Jones

Download or read book Small Dollar Lending written by Sian Baldwin Jones and published by . This book was released on 2013 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Census data show that about 60 million, mostly low-income and minority, American adults either do not have a bank account or have an account but also rely on non-bank financial products to make ends meet. These products, such as payday loans, often have high costs per dollar lent and have historically fallen into gaps in both state and federal regulation. Texas, home of the largest payday lending companies in the country and over 2,500 payday lenders, provides an instructive case study of how small-dollar loan regulation has developed over the years, how non-bank financial institutions navigate the law, and how some organizations with non-profit missions have sought to offer affordable loan alternatives. This paper places current lending regulation in historical context, surveys federal and Texas law related to small-dollar loans prior to and following the financial crisis in 2008, and provides highlights from a federal pilot program designed to encourage banks to offer affordable small-dollar loan products. It also examines the experience of a community development financial institution (CDFI) in Brownsville, Texas that launched a small-dollar loan program in 2012. The federal pilot and Brownsville cases provide insights regarding the viability of affordable small-dollar products, as well as the challenges facing non-profit-maximizing institutions such as CDFIs when trying to develop loan programs under the current regulatory regime. Ultimately this paper concludes that, while there may always be a market for high-cost non-bank financial services, a combination of federal efforts to promote affordable options at banks and efforts by community-oriented CDFIs can go a long way towards providing lower-cost alternatives for people who currently rely on high-cost, non-bank products.

FDIC Quarterly

Author :
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis FDIC Quarterly by :

Download or read book FDIC Quarterly written by and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Nik. Höniger's von Königshofen an der Tauber Ersten Theil der Hoffhaltung des Türkischen Kaisers und Othmanischen Reichsbeschreibung, nebst aller Türkisch. Kaisern Namen, Thaten, Krieg und Handel, so sie wider die Christen und Heiden haben verbracht, bis auf dis 1578 Jahr erstreckt und ausgeführt

Download Nik. Höniger's von Königshofen an der Tauber Ersten Theil der Hoffhaltung des Türkischen Kaisers und Othmanischen Reichsbeschreibung, nebst aller Türkisch. Kaisern Namen, Thaten, Krieg und Handel, so sie wider die Christen und Heiden haben verbracht, bis auf dis 1578 Jahr erstreckt und ausgeführt PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (473 download)

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Book Synopsis Nik. Höniger's von Königshofen an der Tauber Ersten Theil der Hoffhaltung des Türkischen Kaisers und Othmanischen Reichsbeschreibung, nebst aller Türkisch. Kaisern Namen, Thaten, Krieg und Handel, so sie wider die Christen und Heiden haben verbracht, bis auf dis 1578 Jahr erstreckt und ausgeführt by :

Download or read book Nik. Höniger's von Königshofen an der Tauber Ersten Theil der Hoffhaltung des Türkischen Kaisers und Othmanischen Reichsbeschreibung, nebst aller Türkisch. Kaisern Namen, Thaten, Krieg und Handel, so sie wider die Christen und Heiden haben verbracht, bis auf dis 1578 Jahr erstreckt und ausgeführt written by and published by . This book was released on 1578 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress

Author : Alicia Puente Cackley
Publisher : DIANE Publishing
ISBN 13 : 1437980791
Total Pages : 60 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress by : Alicia Puente Cackley

Download or read book Payday Lending: Federal Law Enforcement Uses a MultiLayered Approach to Identify Employees in Financial Distress written by Alicia Puente Cackley and published by DIANE Publishing. This book was released on 2011-04 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the U.S., payday lending (PL) is a $40 billion a year industry. A PL is a small-dollar loan -- from $100 to $500 and re-payable in about two weeks. Consumers can pay fees of $15-20 for every $100 borrowed. In 2006 the DoD reported on predatory lending, incl. PL, and found that these loans impacted military readiness and troop morale. Concerns were raised about PL to federal employees in law enforcement and national security positions at four components. This report examined: (1) how these federal law enforcement agencies become aware of employees who are potential security risks due to financial problems, including PL; and (2) various alternatives to PL. Charts and tables. This is a print on demand edition of an important, hard-to-find report.

Payday Lending

Author : Carl Packman
Publisher : Springer
ISBN 13 : 1137361107
Total Pages : 191 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Payday Lending by : Carl Packman

Download or read book Payday Lending written by Carl Packman and published by Springer. This book was released on 2014-09-16 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Payday Lending looks at the growth of the high cost credit industry from the early payday lending industry in the early 1990s to its development in the US as a highly profitable industry around the world.

Small-dollar Lending

Author : Jim Campen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Small-dollar Lending by : Jim Campen

Download or read book Small-dollar Lending written by Jim Campen and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the problem of access to credit for low- and moderate- income households. It notes that this problem has two dimensions. On the one hand, there are millions of consumers without access to mainstream sources of consumer credit. On the other hand, many of these same consumers do obtain high-cost credit that ends up harming rather than helping them.

Rate Ceilings and the Distribution of Small Dollar Loans from Consumer Finance Companies

Author : Thomas A. Durkin
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Rate Ceilings and the Distribution of Small Dollar Loans from Consumer Finance Companies by : Thomas A. Durkin

Download or read book Rate Ceilings and the Distribution of Small Dollar Loans from Consumer Finance Companies written by Thomas A. Durkin and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research conducted many years ago that indicated substantial cost economies of loan size in consumer lending. This finding implies that low interest rate ceilings make small loan sizes unprofitable and will not be available in the marketplace. Furthermore, research indicates that demanders of small cash loans tend to be relatively risky and to face binding limits on the amount they can borrow at relatively low rates. These rationed consumers may benefit from additional credit, even credit at relatively high rates. New data on small installment cash lending are consistent with the hypotheses of this previous research. Nearly all of the loans are extended to risky borrowers, who clearly are subprime on the basis of their credit scores. The annual percentage rates of interest for these loans are high because of their small size and the riskiness of the borrowers. Differences in the availability of smaller loan sizes vary directly with the height of state interest rate ceilings. States with high ceilings for smaller loan sizes have many small loans. States with low ceilings have few such loans. Finally, average APRs on surveyed loans reflect the pattern of rates recommended by the National Commission on Consumer Finance (1972) based on its cost analyses and conclusion that completion would cause rates to reflect costs of production rather than rise to the maximum allowed by law.

Short-term, Small Dollar Lending

Author : United States. Congress
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781979796996
Total Pages : 154 pages
Book Rating : 4.7/5 (969 download)

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Book Synopsis Short-term, Small Dollar Lending by : United States. Congress

Download or read book Short-term, Small Dollar Lending written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-11-17 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Short-term, small dollar lending : the CFPB's assault on access to credit and trampling of state and tribal sovereignty : hearing before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fourteenth Congress, second session, February 11, 2016.

Moving Forward

Author : Nicolas P. Retsinas
Publisher : Brookings Institution Press
ISBN 13 : 0815705042
Total Pages : 274 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Moving Forward by : Nicolas P. Retsinas

Download or read book Moving Forward written by Nicolas P. Retsinas and published by Brookings Institution Press. This book was released on 2011-01-01 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication The recent collapse of the mortgage market revealed fractures in the credit market that have deep roots in the system's structure, conduct, and regulation. The time has come for a clear-eyed assessment of what happened and how the system should be strengthened and restructured. Such reform will have a profound and lasting impact on the capacity of Americans to use credit to build assets and finance consumption. Moving Forward explores what caused the crisis and, more important, focuses on the path ahead. The challenge remains the same as ever: protect consumers, ensure fairness, and guarantee soundness of the financial system without stifling innovation and overly restricting access to credit and consumer choice. Nicolas Retsinas, Eric Belsky, and their colleagues aim to stimulate debate based on analysis of the opportunities and challenges presented by the various components of global capital markets: financial engineering, risk assessment and management, specialization of financial intermediation, and marketing methods. The contributors—leaders in business, government, academia, and the nonprofit sector—discuss new research and ideas about the future of credit markets, including how improvements might be shaped by industry leaders. Contributors: John Y. Campbell, Harvard University; Marsha J. Courchane, Charles River Associates; Ren Essene, Federal Reserve Board; Allen Fishbein, Federal Reserve Board; Howell E. Jackson, Harvard Law School; Melissa Koide, Center for Financial Services Innovation; Michael Lea, San Diego State University; Eugene Ludwig, Promontory Financial Group; Brigitte C. Madrian, Harvard Kennedy School; Nela Richardson, Joint Center for Housing Studies of Harvard University; Rachel Schneider, Center for Financial Services Innovation; Peter Tufano, Harvard Business School; Peter M. Zorn, Freddie Mac

Small Business Administration's Direct Loan Programs

Author : United States. Congress. Senate. Committee on Small Business
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Small Business Administration's Direct Loan Programs by : United States. Congress. Senate. Committee on Small Business

Download or read book Small Business Administration's Direct Loan Programs written by United States. Congress. Senate. Committee on Small Business and published by . This book was released on 1982 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Unbanking of America

Author : Lisa Servon
Publisher : Houghton Mifflin Harcourt
ISBN 13 : 0544611187
Total Pages : 264 pages
Book Rating : 4.5/5 (446 download)

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Book Synopsis The Unbanking of America by : Lisa Servon

Download or read book The Unbanking of America written by Lisa Servon and published by Houghton Mifflin Harcourt. This book was released on 2017-01-10 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why Americans are fleeing our broken banking system: “Startling and absorbing…Required reading for fans of muckraking authors like Barbara Ehrenreich.”—Publishers Weekly (starred review) What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twentysomething graduate student have in common? All three are victims of our dysfunctional mainstream bank and credit system. Nearly half of all Americans live from paycheck to paycheck, and income volatility has doubled over the past thirty years. Banks, with their high monthly fees and overdraft charges, are gouging their lower- and middle-income customers while serving only the wealthiest Americans. Lisa Servon delivers a stunning indictment of America’s banks, together with eye-opening dispatches from inside a range of banking alternatives that have sprung up to fill the void. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland. She looks closely at the workings of a tanda, an informal lending club. And she delivers engaging, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve those outside the one percent. “Valuable evidence on the fragility of the personal economies of most Americans these days.”—Kirkus Reviews “An intelligent plea for financial justice…[An] excellent book.”—The Christian Science Monitor

The Divided City

Author : Alan Mallach
Publisher : Island Press
ISBN 13 : 1610917812
Total Pages : 346 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis The Divided City by : Alan Mallach

Download or read book The Divided City written by Alan Mallach and published by Island Press. This book was released on 2018-06-12 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Divided City, urban practitioner and scholar Alan Mallach presents a detailed picture of what has happened over the past 15 to 20 years in industrial cities like Pittsburgh and Baltimore, as they have undergone unprecedented, unexpected revival. He spotlights these changes while placing them in their larger economic, social and political context. Most importantly, he explores the pervasive significance of race in American cities, and looks closely at the successes and failures of city governments, nonprofit entities, and citizens as they have tried to address the challenges of change. The Divided City concludes with strategies to foster greater equality and opportunity, firmly grounding them in the cities' economic and political realities.

Research on Financial Behaviors and Use of Small-Dollar Loans and Financial Services Literature Review

Author : U. S. Department US Department of the Treasury by the Urban Institute
Publisher : CreateSpace
ISBN 13 : 9781505390568
Total Pages : 34 pages
Book Rating : 4.3/5 (95 download)

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Book Synopsis Research on Financial Behaviors and Use of Small-Dollar Loans and Financial Services Literature Review by : U. S. Department US Department of the Treasury by the Urban Institute

Download or read book Research on Financial Behaviors and Use of Small-Dollar Loans and Financial Services Literature Review written by U. S. Department US Department of the Treasury by the Urban Institute and published by CreateSpace. This book was released on 2015-01-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This literature review provides an overview of research on the following small-dollar credit products: auto title loans, pawnshops, payday lending, refund anticipation loans (RALs) and checks (RACs), and rent-to-own (RTO). This review includes recently published research. It is not intended as an exhaustive treatment of these topics, but is designed to highlight key findings relevant for additional research.

Asset Building and Low-income Families

Author : Signe-Mary McKernan
Publisher : The Urban Insitute
ISBN 13 : 9780877667544
Total Pages : 304 pages
Book Rating : 4.6/5 (675 download)

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Book Synopsis Asset Building and Low-income Families by : Signe-Mary McKernan

Download or read book Asset Building and Low-income Families written by Signe-Mary McKernan and published by The Urban Insitute. This book was released on 2008 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income families have scant savings to cushion a job loss or illness, and can find economic mobility impossible without funds to invest in education, homes, or businesses. And though a lack of resources leaves such families vulnerable, income-support programs are often closed to those with a bit of savings or even a car. Considering welfare-to-work reforms, the increasingly advanced skill demands of the American workforce, and our stretched Social Security system, such an approach is inadequate to lift families out of poverty. Asset-based policies--allowing or even helping low-income families build wealth--are an increasingly popular strategy to facilitate financial stability.

Small-Dollar Lending Innovation and the True Cost of Credit

Author : Wolfram
Publisher :
ISBN 13 : 9781942502371
Total Pages : pages
Book Rating : 4.5/5 (23 download)

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Book Synopsis Small-Dollar Lending Innovation and the True Cost of Credit by : Wolfram

Download or read book Small-Dollar Lending Innovation and the True Cost of Credit written by Wolfram and published by . This book was released on 2019-06-18 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Payday Loans and Deposit Advance Products

Author : Consumer Financial Consumer Financial Protection Bureau
Publisher : CreateSpace
ISBN 13 : 9781499397031
Total Pages : 46 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis Payday Loans and Deposit Advance Products by : Consumer Financial Consumer Financial Protection Bureau

Download or read book Payday Loans and Deposit Advance Products written by Consumer Financial Consumer Financial Protection Bureau and published by CreateSpace. This book was released on 2014-05-09 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past year, the Consumer Financial Protection Bureau (CFPB) has engaged in an in-depth review of short-term small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by a small, but growing, number of depository institutions to their deposit account customers. This review began with a field hearing held in Birmingham, Alabama in January 2012. At that event, CFPB Director Richard Cordray noted that "the purpose of the field hearing, and the purpose of all our research and analysis and outreach on these issues, is to help us figure out how to determine the right approach to protect consumers and ensure that they have access to a small loan market that is fair, transparent, and competitive." Director Cordray went on to state that "through forums like this and through our supervision program, we will systematically gather data to get a complete picture of the payday market and its impact on consumers," including how consumers "are affected by long-term use of these products."