New Evidence on Where Payday Lenders Locate Their Storefronts

Nathan Anderson, Tori Healey and Jonathan Lanning

Chicago Fed Letter, 2024

Abstract: Payday lenders offer short-term, small-dollar, and high-interest consumer loans. Consumers get payday loans primarily from state-licensed storefront locations—of which there were an estimated 13,700 nationwide in 2018—where loans have a median amount of $350 and typical fees equate to an average annual percentage rate (APR) of almost 400%. Unlike traditional financial institutions, such as banks and credit unions, there is no centralized national database on the location of payday lender storefronts.

Keywords: Community; development (search for similar items in EconPapers)
Date: 2024
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Journal Article: New Evidence on Where Payday Lenders Locate Their Storefronts (2024)
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