As the U.S. economy continues its recovery, many Americans continue to have difficulty making ends meet, with tens of millions of families estimated to be living paycheck-to-paycheck. A recent Federal Reserve report found that nearly half of the people surveyed said they could not cover a hypothetical emergency expense of $400. This is a widespread problem, as 45% of Americans either experienced a major unexpected expense over the past 12 months or had an immediate family member who had an unexpected expense. Yet for millions nationwide, accessing credit remains a challenge.
For years, tens of millions of Americans have relied on small-dollar loans to weather unexpected financial hardships such as medical bills or car repairs. In fact, 94% of small-dollar loan borrowers consider obtaining such loans to be a sensible decision when they are faced with unexpected expenses. Small-dollar loans are often the least expensive option for consumers, particularly compared to bank fees – including overdraft protection and bounced checks – or unregulated offshore internet loans and penalties for late bill payments.
July 17, 2017 | Access to Credit
Washington, D.C. – New survey research released today by premier polling firms Global Strategy Group (D) and the Tarrance Group (R) ...
July 6, 2017 | Federal & CFPB Regulations
ALEXANDRIA, VA – The U.S. District Court for the District of Columbia yesterday issued a stinging rebuke of the Obama administration’s ...
January 13, 2017 | Access to Credit
On January 11, 2017, six new plaintiffs joined Advance America in asking the Court for emergency relief from unlawful regulatory actions ...
October 5, 2016 | Access to Credit
Alexandria, Va. –The Community Financial Services Association of America (CFSA) anticipates that more than one million concerned Americans will have...
September 27, 2016 | Access to Credit
Alexandria, Va. – The Consumer Financial Protection Bureau’s (CFPB) short-term credit rule comment portal has received more than 172,000 ...
September 6, 2016 | Federal & CFPB Regulations
Alexandria, Va. – New documents released today reveal for the first time more than 12,000 positive testimonials that payday loan customers submitted to the ...