short-term lending not predatory
Eyebrows raise when you hear about any interest rate on credit more than 30 percent. If you're discussing payday or title lending, the implied interest rates (in annual percentage rate) can be above 500 percent. Put in those terms, short-term consumer lending markets sound immoral and predatory.
With a first impression like that, it is no surprise that the short-term consumer lending industry is often the target of restrictive regulation proposals and public ire.
However, looking more closely suggests that these loans are smaller in both total market size and individual interest expense than the APR interest rate would suggest. And these markets receive fewer complaints from their users than any other lending industry.
In a new dataset collected during summer 2011, I surveyed all of the Utah payday and title lending firms, as well as some pawn lenders. The data include average interest rates (in APR), average loan amounts, average duration of loan, default rate and total principle lent for more than 50 percent of all the payday and title lending store locations in Utah.
A response rate of more than 50 percent makes this survey one of the most representative of its kind. The dataset also contains a level of detail that no other source in the state has available.
The first gems that emerge from these data are the respective sizes of the Utah payday- and title-lending markets. Payday lenders in Utah issued an estimated total of $280 million in payday loans in 2010, and Utah title lenders issued about $35 million of title loans. Compare these to the size of Utah's more traditional revolving and non-revolving credit markets of $6.4 billion and $10.8 billion, respectively, as reported in a 2009 Utah Foundation publication.
In addition to the fact that the Utah payday and title lending markets are small potatoes compared to the more traditional credit markets, they also differ in duration of loan and potential interest that can be charged.
payday title loans - News
The first gems that emerge from these data are the respective sizes of the Utah payday- and title-lending markets. Payday lenders in Utah issued an estimated total of $280 million in payday loans in 2010, and Utah title lenders issued about $35 million
Neon signs advertising easy-to-get payday and auto title loans take on a special glitter during the holidays, when need and desperation for a small amount of cash are at an all-time high. But a predatory lender masquerading as a cash-bearing "Santa" is
The initiative capped at 36 percent the interest fees and charges that payday, title and retail installment lenders can assess customers. Supporters of I-164 called payday loan companies "predatory," as lenders could charge up to 400 percent on the
The Birmingham City Council has passed a six month moratorium on new payday loan businesses in the city limits. There was a long debate in council chambers Tuesday morning before that vote took place. The ban doesn't prevent existing title or payday
The group was organized last month to oppose a ballot measure that aims to cap the annual interest rates on certain loans - including payday and car title loans - at 36 percent. Another organization -- called Missourians for Equal Credit Opportunity
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