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WERTH: The best example concerns a economist named Marc Fusaro at Arkansas Tech University. So, in 2011, he released a paper called “Do Payday Loans Trap Consumers in a Cycle of Debt?” And his answer was, basically, no, they do not.
, gesturing at the area surrounding Check Center, where the drug dealers hang out in front of the store and bullet holes riddled the storefront, “you should see where I live. It makes this place look like Beverly Hills. ”
Now, however, the storefront-payday-lending industry is embattled. In 2006, after the outcropping of payday lenders near military bases, Congress passed a law capping at 36 percent the annualized rate that lenders could charge members of the military. In response to pressure from consumer advocates, many states have begun trying to reinforce the industry, through either regulation or outright banners. Lenders have excelled at finding loopholes in these regulations. However, according to Pew, the number of states in which payday lenders operated has fallen from a peak of 44 in 2004 to 36 this year. Nationwide, according to the Center for Financial Services Innovation, “single-payment credit” -so named because the amount of borrowed is due in one lump sum-barely has grown from 2012 to 2014.
Researchers, journalists, and policymakers routinely demonize the businesses that provide payday loans, calling them predatory or worse. Indeed, if you are not living close to the edge, it’s hard to understand why a person would pay such a high price to borrow such a small amount of money.
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: Now, Bob, the blog post is a pop version of a meta-study, which rolls up other research on different pieces of the issue. I’m sorry that the studies that you cite in the post are not just the biased rantings of some ultra-right-wing pro-market-at-all-cost lunatics. And I realize that at least one of the primary studies was authored by yourself, so I guess I’m asking you to prove that you are not an ultra-right-wing pro-market-at-all-cost lunatic.
WERTH: So, what did Fusaro do when he set up a randomzed control trial where he gave a group of borrowers a traditional high-interest-rate payday loan and then gave another group of borrowers no interest rates on their loans and then he compared the Two and he found out that both groups were just as likely to roll over their loans again. And we should say, again, the research was financed by CCRF.
DeYOUNG: We need to do more research and try to find out the best ways to regulate rather than the rules that are being pursued now that would eventually shut down the industry. I do not want to come as a advocate of payday lenders. That’s not my position. My position is I want to make sure the users of payday loans who are using them responsibly and who are made better by them do not lose access to this product.
Indeed, even those who work in the industry recognize that these loans are imperfect solutions to the growing demand for small loans. John Weinstein, a third-generation check casher and the president of Check Center, told me that he recognizes the problems (mentioned in a series of recent Pew reports) associated with repeat borrowing. Weinstein believes that “changes in the industry are inevitable.”
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As I opened the CT scan last week to read the next case, I was baffled. The history just read “gun wound.” I have been a radiologist in one of the busiest trauma centers in the United States for 13 years, and have diagnosed thousands of handgun injuries to the brain, lung, liver, spleen, bowel, and other vital organs. I thought that I knew all that I needed to know about gunballs, but the specific pattern of injury on my computer screen was one that I had seen only once before.
‘M happy for that kind of advice. I’ve taken papers to the university writing center before and they’ve helped me make my writing more clear. And there’s nothing scandalous about that, at all. I mean the results of the paper have never been called into question. Nobody had suggested I changed any other results or anything like that based on any comments from anybody. Frankly, I think this is much ado about nothing.
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WERTH: It’s hard to say. Actually, we just do not know. But whatever their incentive might be, their FOIA applications have produced what looks like some pretty damning e-mails between CCRF – which, again, receives funding from payday lenders – and academic researchers who have written about payday lending.
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DUBNER: Let’s say you have a one-on-one audience with President Obama. We know that the President understands economics pretty well or, I would argue that at least. What’s your pitch to the President for how this industry should be treated and not eliminated?
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Back when he was a private businessman, Trump learned how to use law as a weapon. The lesson he took from that is that if your pockets are deep enough – and your conscience dull enough – it does not matter that you are wrong. The other party will be broken before you will lose.
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Later on, the payday lenders gave Mann the data that showed how long it really took those exact customers to pay off their loans. About 60 percent of them paid off the loan within 14 days of the date they were predicted.
FULMER: If you associate the cost of paying our rent to our local owners, paying our light bill and electrical fees, paying our other fees to local merchants who provide services to us, we operate on a relatively thin margin.
Many Americans still could not secure loans at that rate; their risk of default was deemed too great. Some of them eventually turned to the mob, which grew strong during the Prohibition.
RONALD MANN: I have a general idea that people who are really tight for money know more where their next dollar is coming from and going than the people that are not particularly tight for money. So, I generally think that the people who borrow from payday lenders have a better idea of ​​how their finances are going to go for the next two or three months because it’s really a crucial item for them that they worry about every day. So that’s what I set out to test.
One problem with the payday-lending industry-for regulators, for lenders, for the public interest is that it defies simple economic intuition. For instance, in most industries, more competition means lower prices for consumers. That maxim certainly helped guide the deregulation of the fringe lending business in the 1990s and some advocates still believe that further deregulation is the key to making payday loans affordable. Yet there is little evidence that a proliferation of payday lenders produces this consumer-friendly competitive effect. What’s the difference: There are more than double-paid loans in those states (Idaho, South Dakota, Texas, and Wisconsin). by residents of some other states, according to Pew. In the state where the interest rate is capped, the rate that payday lenders charge gravitates right to the cap. “In the race to the lowest rates, it’s a race to the highest rates,” says Tom Feltner, director of financial services at the Consumer Federation of America.

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