The Facts

Short-term Credit Alternatives

Compare the costs of various short-term credit options, including bouncing a check or overdrawing a checking account.

The Facts About Short-term Loans

The debate over short-term payday loans is often clouded by wrong information. Learn the facts about loan terms, fees and interest rates.

36% Rate Cap=Ban on Payday Loans

Right now, federal as well as many state lawmakers are threatening to put payday lenders out of business and take away your right to choose a convenient loan option. They are debating a 36 percent interest rate cap on short-term loans. It is not possible for lenders to do business under these terms. The 36 percent cap would take away an important short-term loan option from millions of American families by eliminating the payday loan industry.

Banning Payday Loans Harms Consumers

Consumers have paid more in overdraft, bounced check and late bill payment fees in states without short-term payday loan options.

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