Research Report State Restrictions on Small-Dollar Loans and Financial Services, 2004-2009: Summary, Documentation, and Data
Nancy M. Pindus, Daniel Kuehn, Rachel Brash
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This report documents state restrictions of five small-dollar products: auto title loans, pawnshop loans, payday loans, refund anticipation loans, and rent-to-own agreements between 2005 and 2009, in all states and the District of Columbia. Researchers find that over half of states prohibit auto title loans while a much smaller number of states prohibit payday loans. Nearly all states cap prices on at least one of the five products and the majority of states cap interest rates for pawnshops and payday lenders. Fewer than half of states impose disclosure requirements or price caps on rent-to-own agreements.
Research Areas Wealth and financial well-being
Tags Asset and debts Community and economic development
Policy Centers Center on Labor, Human Services, and Population