Supplemental findings on payday, payday installment, and vehicle title loans, and deposit advance products
This report provides a variety of analyses on payday loans, payday installment loans, vehicle title loans, and deposit advance products. Each chapter of this report offers a discrete analysis of one or more of these products, as outlined below.
- Chapter 1 reports consumer usage and default patterns for vehicle title installment loans and payday installment loans.
- Chapter 2 analyzes whether consumers who used deposit advances overdrew their accounts or took out payday loans more frequently after banks stopped offering the deposit advance product.
- Chapter 3 examines the impact of certain state laws on storefront payday lending.
- Chapter 4 compares the share of payday loans that are reborrowed across states with varying limits on renewals and requirements for cooling-off periods between loans.
- Chapter 5 provides findings on borrowing and default patterns for storefront payday loans for three alternative definitions of the concept of a loan sequence.
- Finally, Chapter 6 describes a series of simulations that estimate the effects of certain lending and collection restrictions on the payday, payday installment, and vehicle title loan markets.