Monthly Archives: March 2015

Progressive politicians have found a ripe old target for populist demagoguing: payday lenders. In a speech on Thursday afternoon, President Obama endorsed new proposed rules from the Consumer Financial Protection Bureau to crack down on the payday lending industry. These short-term, high-interest lenders have also recently drawn fire from comedians […]

Payday Loans and Predatory Politicians

Azlinah Tambu, a twenty-two-year-old single mother who lives in Oakland, California, recently found herself in a tough spot. Her car had broken down, and she needed it to drop her daughter off at day care and to get to work. Tambu, an upbeat woman with glossy black hair and dazzling […]

What Good Are Payday Loans?

Consumer advocate groups routinely scrutinize the payday loan industry, claiming that it uses a predatory business model. Payday lenders are criticized for charging high interest rates for short-term cash advances. However, consumer advocate groups tend to turn a blind eye to the high NSF fees that are common among mainstream […]

Payday Lenders vs. Traditional Banks

The Competition and Markets Authority, the regulator that took over from the Office of Fair Trading and the Competition Commission, has announced proposals to force payday loan companies to be more transparent about how they charge for short term credit. It is demanding comparison websites so that people can compare […]

Farewell payday lenders, welcome loan sharks?