This report is component of this Series on Financial Markets and Regulation and ended up being created by the Brookings focus on Regulation and Markets.
President – Center for Responsible Lending
Researcher – Center for Responsible Lending
Prior to passage through of the quality, pay day loans of approximately $350 had been typically organized as two-week loans, due in the borrowers’ next payday. The debtor offers a post-dated check as safety, and it is often necessary to provide the lender access to debit her banking account to get the loan.