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October 19, 2015 | Research & Surveys
A New York Federal Reserve official and three distinguished academics examined the objective research to see if the criticisms of payday loans by those who do not use the product, including many law professors, consumer advocates, journalists and policymakers, are justified. The author’s review of the academic materials shows many “elements of the payday lending critique…don’t hold up under scrutiny and the weight of evidence.” ...
January 1, 2013 | Research & Surveys
A 2013 study by Professor Ronald Mann of Columbia Law School found that most payday loan consumers were able to pinpoint exactly how long it would take for them to pay off their loan. In fact, contrary to the “cycle of debt” rhetoric that many critics employ, just as many borrowers paid off their debt sooner than expected as did later than expected. ...