High Cost Small Loans

The repeal or preemption of usury caps and the deregulation of consumer credit in the last couple of decades has ushered in a new wave of predatory small loans.  Annual interest rates of 300% to 1,000% or even higher are often disguised by the structure of the loan.  These loans take various forms, including payday loans, overdraft loans, auto title loans, tax refund anticipation loans, and rent-to-own transactions.  What they have in common is high costs for those least able to afford them and the propensity to trap consumers in terrible cycles of debt.

• Payday and Installment Loans

• Refund Anticipation Loans and Checks

• Rent-a-Bank Loans

• Overdraft Loans

• Usury