Watchdog Group Raises Alarm Over ‘Payday Loans’ at Mainstream Banks

Increasingly, mainstream banks are offering products similar to payday loans — short-term, high-interest loans secured by a pending paycheck — according to a consumer group that called on the Office of the Comptroller of the Currency to stop the practice.

Banks including Wells Fargo and U.S. Bank More…

Report Reveals Cyclical Nature of Payday Loans

Consumer advocates for years have warned that the payday loan industry preys on low-income borrowers who become reliant on one loan to pay off another — with enormous interest rates applied all the while. But a report released yesterday offers what is perhaps the most clear evidence to date More…

NYTs Urges End to Payday Loans

Last week, we laid out the congressional battle-lines in the looming fight over how to regulate payday lenders. Today, The New York Times weighs in with a biting suggestion: kill the industry and shed no tears.

Payday loans — advances that are to be repaid on payday —

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