What is forced arbitration? Forced arbitration clauses are hidden in the fine print of agreements. They take away your access to the courts and give companies that violate the law a get-out-of-jail-free card. If you have a dispute, you cannot file a lawsuit in court and have the case heard in public. You also typically [...]
You have two separate options for stopping preauthorized recurring debits from your bank account. You may want to use both. For more information, visit the website of the Consumer Financial Protection Bureau: How do I stop automatic payments from my bank account? IMPORTANT: Stopping debits from your bank account does not stop your obligation to [...]
This spreadsheet has state-by-state information about which high-cost rent-a-bank lenders are operating in each state. The state-specific issue briefs below have an overview of rent-a-bank lending in these states (updated February 2022): Predatory Rent-a-Bank Lending in Alaska Predatory Rent-a-Bank Lending in Arizona Predatory Rent-a-Bank Lending in Arkansas Predatory Rent-a-Bank Lending in Colorado Predatory Rent-a-Bank Lending [...]
This is an outdated report. For the most current version click on this link May 2021 © Copyright 2021, National Consumer Law Center, Inc. All rights reserved. 1. How Well Do the States Protect Consumers Against High-Cost Installment Loans? Map 1: APRs Allowed for Six-Month $500 Installment Loan Map 2: APRs Allowed for [...]
Interest rate limits are the simplest and most effective protection against predatory lending. Since the time of the American Revolution, states have limited interest rates to protect their residents. American voters strongly support interest rate caps. At least 45 states and the District of Columbia (DC) cap rates on at least some installment loans. [...]
Predatory Rent-a-Bank Loan Watch List by State Reports & Issue Briefs Report: Predatory Lenders TAB Bank and EasyPay Finance Harm Veterans and Military Servicemembers with Loans up to 189%, May 25, 2022 Report: Predatory Auto Repair Loans By TAB Bank and EasyPay Finance, May, 11 2022 Consumer Alert: Deceptive Auto Repair Financing Practices, May 2022 [...]
HOT TOPICS Brief: Why Cap Interest Rates at 36%?, August 2021 Brief: After Payday Loans: Consumers Find Better Ways to Cope with Financial Challenges, August 2021 Fact Sheet: State Rate Caps for $500 and $2,000 Loans, February 2020 (1-pager), updated March 2021 Report: Predatory Installment Lending in the States: 2020, February 2020 Report: A Larger and Longer Debt [...]
Policy Analysis || Additional Resources The banking industry is making forays into the high-cost lending market with “bounce protection” plans, a new form of high-cost credit that boosts fee income for banks. Using aggressive marketing techniques, banks are encouraging their low- and moderate-income customers to use bounce loans as a source of credit. Rather than [...]
Used mostly by low and moderate income consumers, tax refund anticipation loans are extremely high-cost bank loans secured by the taxpayer's expected refund -- loans that last 7-14 days until the actual IRS refund repays the loan. Even without the costly loan, most taxpayers could have their refund in two weeks or less. RALs are [...]
HOT TOPICS Predatory Rent-a-Bank Lending State Rate Caps for $500 and $2000 loans: Summary, Report Testimony of Lauren Saunders Before the U.S. House Committee on Financial Services Task Force on Financial Technology On “Buy Now, Pay More Later Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products,” Nov. 1, 2021 Letters [...]
LinkedIn
Twitter
Facebook
RSS
YouTube
