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• W1518596133 abstract "INTRODUCTION In 1993, W. Allan Jones began making small, short-term loans in exchange for a postdated check written for the combined value of the loan and a service fee. (1) This practice had not been seen for over half a century, when salary provided short-term loans for small sums in exchange for a future paycheck. (2) In 1999, just six years after Mr. Jones resurrected the deferred payment industry, commonly known as the payday loan industry, payday lenders issued about $8 billion worth of payday loans. (3) In 2004, the industry made $50 billion in loans, (4) a staggering 525% increase in just five years. That same year, it was estimated that the industry charged $3.4 billion a year in fees, such as interest and finance charges, to payday loan borrowers. (5) The attractive growth potential offered by the payday loan industry has caused an explosion in the number of payday loan stores around the nation; their number doubled between the years 2000 and 2003 and stood, in 2005, at 22,000. (6) To put this growth in perspective, there are more payday loan stores in the state of California than there are McDonald's and Burger King restaurants combined. (7) Despite this rapid expansion, and the subsequent increase in competition among payday loan lenders, the fees charged to borrowers for receiving payday loans have not decreased, as would be expected; since 1993, most fees have remained at the maximum allowed by law. (8) The dramatic growth of the payday loan industry and the failure of the market to self-regulate payday loan fees have caused concern for many consumer protection advocates, who call for the reform of a system that they claim takes advantage of poor and uneducated borrowers, often forcing these borrowers to refinance when unable to repay their loans. (9) Payday loan critics also complain that many lenders have aggressive, unfair collection practices. (10) Although payday loan critics have proposed several types of reform, most, if not all, have recommended the imposition of usury laws--laws restricting the amount of interest a lender can charge--to prevent payday lenders from taking advantage of borrowers. (11) The imposition of usury law on the payday loan industry presents two concerns. First, loopholes in federal legislation have historically prevented successful enforcement of usury laws against payday lenders. (12) Second, assuming these loopholes could be closed, the enforcement of strict usury laws against payday lenders could, by making payday lending unprofitable, eliminate the industry. (13) If the goal of a state with payday lending problems is to eliminate the industry, then usury laws would be an effective tool for doing so. (14) If, however, the aim of the state is not to end payday lending, but rather to ensure that borrowers are treated fairly by lenders, then the use of usury laws is not the ideal approach. Instead, payday loan reform should create a situation that is acceptable for both lenders and borrowers. The best way to protect borrowers, while still allowing payday lenders the freedom to issue consensual loans, is to change the way payday lending operates. Four adjustments in payday lending are necessary to enable this balance: (1) ensuring that borrowers are informed; (2) limiting loan refinancing; (3) guaranteeing that fair collection practices are followed; and (4) improving enforcement of the law. This Note will analyze the problems associated with payday lending in four parts. First, a discussion of the demographics of payday loan borrowers will show that payday loans are often targeted at borrowers who tend to be less educated and economically disadvantaged. Second, a detailed description of how the payday loan industry works will point to refinancing as the most serious problem afflicting payday loan borrowers. Third, analysis of usury laws in connection with payday lending will reveal the flaws inherent in a solution that seeks only to restrict interest rates. …" @default.
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• W1518596133 date "2007-05-01" @default.
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• W1518596133 title "Rolling over Borrowers: Preventing Excessive Refinancing and Other Necessary Changes in the Payday Loan Industry" @default.
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