Workplace of Information & Media Relations UMass Amherst

Workplace of Information & Media Relations UMass Amherst

Report Critiques Pay Day Loans, Encourages Role for Banks, Credit Unions

AMHERST, Mass. – Banks and credit unions will make cash which help their low- and middle-income clients by providing less expensive options to high-fee pay day loans, based on Sheila Bair, a teacher in the University of Massachusetts Amherst and composer of the report, “Low Cost payday advances: possibilities and hurdles.” The analysis was funded because of the Annie E. Casey Foundation in Baltimore.

“Payday loans can be a form that is extremely high-cost of credit,” Bair says. “The high charges are exacerbated by many people borrowers utilising the item 10 to 12 times per year. These are typically utilized predominantly by people who can minimum manage them.”

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