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DeYoung also argues that most payday borrowers know exactly what they’re getting into when they sign up; that they’re not unwitting and desperate people who are being preyed on. He points to a key piece of research by Ronald Mann; That’s another co-author on the New York Fed blog post.
DEYOUNG: If we take an objective look at the folks who use payday lending, what we find is that most users of the product are very satisfied with the product. Survey results show that almost 90 percent of the users of the product say that they are either somewhat satisfied or very satisfied with the product afterwards.
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Worse yet, she says, borrowers have almost no choice but to roll over their loans again and again, which jacks up the fees. In fact, rollovers, Standaert says, are an important part of the industry’s business model.
DEYOUNG: Oh, I think that our history of usury laws is a direct result of our Judeo-Christian background. And even Islamic banking, which follows in the same tradition. But clearly interest on lent or borrowed money has, has been looked at non-objectively, let’s put it that way. So the shocking APR numbers if we apply them to rent a hotel or rent a car or lend your father’s gold watch or your mother’s silverware to the pawnbroker for a month, the APRs come out similar. So the shock from these numbers is, we recognize the shock here because we are used to calculate interest rates on loans but not interest rates on anything else. And it’s human nature to want to hear bad news and it’s, you know, the media understands this and so they report bad news more often than good news. We do not hear this. It’s like the houses that do not burn down and the stores that do not get robbed.
And yet it is surprisingly difficult to condemn the business wholesale. Emergency credit can be a lifeline, after all. And while stories about the payday-lending industry’s individual victims are horrible, the research on its effect at a more macro level is limited and very ambiguous. One study shows that payday lending makes local communities more resilient; another says it increases personal bankruptcies; and so on.
Maybe that’s about as good as it gets on the fringe. Outrage is easy, and outrage is warranted-but maybe payday lenders should not be its main target. The problem is not just that people who desperately need a $ 350 loan can not get it at a affordable rate, but that a growing number of people need that loan in the first place.
WERTH: So far, so good. But I think we should mention two things here: one, Fusaro had a co-author on the paper. Her name is Patricia Cirillo; she’s the president of a company named Cypress Research, which is by the way, is the same survey firm that produced data for the paper you mentioned earlier, about how payday borrowers are pretty good at predicting when they will be able to pay back their loans. And the other point, two, there was a long chain of e-mails between Marc Fusaro, the academic researcher here, and the CCRF. And what they show is they really look like editorial interference.
Under government fire, this appears, based on the business model, to be true-not only would the regulations eliminate the very loans from which the industry makes its money, but they would also introduce significant new underwriting expenses on every loan.
Tambu already knew that she would not be able to pay the loan back on time using her paychecks: she needed every dollar to pay her rent and utilities, and to buy food. Although many states allow lenders to “roll over” and refinance loans, California does not. Tambu paid back the first loans and then took out more from the same five lenders, with a second round of fees-effectively extending the length of the first ones. When the lenders tried to withdraw the money she had from her checking account, she did not have enough funds and was hit with overdraft fees that quickly mounted to three hundred dollars. Tambu paid off the overdraft charges and closed its account.
DIANE STANDAERT: From the data we’ve seen, payday loans are disproportionately concentrated in African-American and Latino communities, and that African-American and Latino borrowers are disproportionately represented among the borrowing population.

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raise cash. To get a payday loan, you need to have a job and a bank account. According to Pew survey data, some 12 million Americans – roughly 1 in 20 adults – take out a payday loan in a given year. They tend to be relatively young and earn less than $ 40,000; they tend to not have a four-year college degree; and while the most common borrower is a white female, the rate of borrowing is the highest among the minorities.
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Bob DeYoung makes a very complicated argument about the use of payday loans. Instead of “trapping borrowers in a cycle of debt,” as President Obama and other critics put it, DeYoung argues that payday loans can help people avoid a cycle of debt – like the late payment of your company company charges for an unpaid bill; like the overdraft fees or bounced-check your bank fees may charge you.
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A payday loan is a short-term loan to cover your spending needs. It is secured against your future paycheck. Cash advance payday loans have grown in popularity over the years and are used by millions of people like you to pay for unexpected expenses that arise. If there is an emergency and you need money quickly, a cheap personal loan can help. Just be sure to only borrow what you can afford to pay back when you pay your next paycheck.
U.S. Senator Elizabeth Warren (left) talks with Consumer Financial Protection Bureau Director Richard Cordray after he testified about Wall Street reform at the 2014 Senate Banking Committee hearing. (Jonathan Ernst
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Fulmer says that payday-loan interest rates are not almost as predatory as they seem, for two reasons. First: When you hear “400 percent on an annualized basis,” you might think that people are borrowing the money for a year. But these loans are designed to be held for just a few weeks, unless, of course, they get rolled over a bunch of times. And, reason number two: because payday loans are so small – the average loan is about $ 375 – the fees need to be relatively high to make it worthwhile for the lender. For every $ 100 borrowed, Fulmer says, the lender gets about $ 15 in fees. So, capping the rate at an annualized 36 percent just would not work.
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Freakonomics Radio is produced by WNYC Studios and Dubner Productions. Today’s episode was produced by Christopher Werth. The rest of our staff include Arwa Gunja, Jay Cowit, Merritt Jacob, Greg Rosalsky, Kasia Mychajlowycz, Alison Hockenberry and Caroline English. Thanks also to Bill Healy for his help with this episode from Chicago. If you want more Freakonomics Radio, you can also find us on Twitter and Facebook and do not forget to subscribe to this podcast on iTunes or anywhere else you get your free, weekly podcasts.
DUBNER: Hey Christopher. So, as I understand it, much of what you’ve learned about CCRF’s involvement in the payday research comes from a watchdog group called the Campaign for Accountability, or CFA? So, first off, tell us a bit more about them, and what their incentives may be.
Furthermore, according to DeYoung’s own research, because the payday-loan industry is extremely competitive, the market tends to drive fees down. And while payday lenders get trashed by government regulators and activists, payday customers, he says, seem to tell a different story.
The payday industry, and some political allies, argue that the CFPB is trying to deny credit to people who really
LendUp does not have rollovers (taking a new loan to pay off the old one, which means you do not really pay off your loan, leaving you always paying on debts). If you can not pay your loan on time, we will work with you to find a solution – without the dangerous debt traps rollovers can lead to.
MARC FUSARO: The Consumer Credit Research Foundation and I had an interest in the paper being as clear as possible. And if someone, including Hilary Miller, would take a paragraph that I had written and re-wrote it in a way that made what I was trying to say more clearly, I
The bigger problem for payday lenders is the overhead. Alex Horowitz, a research manager at the Pew Charitable Trusts, says that two-thirds of the fee payday lenders collect are spent just keeping the lights on. The average storefront serves only 500 customers a year, and employee turnover is ridiculously high. For example, QC Holdings, a public traded nationwide lender, reported that it had to replace approximately 65 percent of its branch-level employees in 2014. “The profits are not extraordinary,” Horowitz says. “What is extraordinary is the inefficiency.”
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