Overview
The 3,000 consumer lending companies in the US, also known as “payday lenders”, provide unsecured short-term loans to consumers experiencing cash flow shortfalls. About 3% of all adult Americans have used a payday loan. Companies may also provide student loans and loans secured by real estate or automobiles. Some firms also provide other personal financial services, such as check cashing, money orders, and wire transfers.
Increasing Regulation
The controversy over payday loans has led to new regulations and restrictions in some states and ongoing scrutiny by federal and state regulators.
Negative Public Perception
With annual interest rates of almost 400% and a customer base consisting primarily of low-income borrowers, many consumer advocates view payday loans as predatory lending that takes advantage of the working poor.
Industry Financial Benchmarks
Here are typical financial statements for consumer lending.
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