Access to Credit

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.

Access to Credit

Out-of-Touch CFPB Ignores Consumers, Issues Final Small-Dollar Lending Rule

New Survey: Borrowers Are FAR More Favorable Toward Payday Loans than Voters Without Experience

Illegal Obama-Era Program Rebuked as Federal Court Green-Lights Lawsuit Against Government

Six Plaintiffs Join Advance America Complaint Against Federal Government’s 'Operation Choke Point'

CFSA Projects More Than One Million Customers Oppose CFPB’s Restrictive Payday Lending Rule

More Than 172,000 Public Comments On CFPB Payday Lending Rule Portal Set A New CFPB Record

CFPB Buried, Ignored Positive Payday Loan Customer “Tell Your Story” Testimonials It Requested

CFPB Rule A Staggering Blow To Consumers

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