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To Mann, this suggests that most borrowers have a pretty good sense of the product they’re buying. I didn’t really expect that the data would be so favorable to the perspective of the borrowers.

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He points to a key piece of research by ; that’s another co-author on the New York Fed blog post. So my interest and expertise in payday lending is a natural extension of consumer credit provided by financial institutions. And we should say, again, the research was funded by CCRF. So I was just standing outside, waiting on the bus stop. MUSIC: Torches, “Light Goes On” So we are left with at least two questions, I guess. Now, it probably does not surprise you that the payday industry doesn’t want this kind of government regulation. DOLE: This practice not only creates financial problems for individual soldiers and their families, but it also weakens our military’s operational readiness. Its mission is to expose corporate and political misconduct, primarily by using open-records requests, like the Freedom of Information Act, or FOIA requests, to produce evidence. So, I generally think that the kinds of people that borrow from payday lenders have a much better idea of how their finances are going to go for the next two or three months because it’s really a crucial item for them that they worry about every day. If we can somehow predict which folks will not be able to handle this product and would roll it over incessantly, then we could impress upon payday lenders not to make the loans to those people. Persuade me that the studies that you cite in the post aren’t merely the biased rantings of some ultra-right-wing pro-market-at-all-costs lunatics. Everyone’s situation is different and no two are alike. DeYOUNG: Most folks hear the word payday lending and they immediately think of evil lenders who are making poor people even poorer. Freakonomics Radio is produced by WNYC Studios and Dubner Productions. DeYoung argues that if you focus on the seemingly exorbitant annual interest rates of payday loans, you’re missing the point. So that’s a study that very much supports the anti-payday lending camp. So, the payday business model is not like a pawn shop, where you surrender your valuable possessions to raise cash. FULMER: We have to wait for the final proposal rules to come out. But where they appear to be going is down a path that would simply eliminate a product instead of reforming the industry or better regulating the industry. You do your best to ask as many questions as you can of the research and of the researchers themselves. So the shock from these numbers is, we recognize the shock here because we are used to calculating interest rates on loans but not interest rates on anything else.

In Shakespeare, the Merchant of Venice was not the hero. ELIZABETH DOLE: Predatory lenders are blatantly targeting our military personnel. Most take out loans with the intentions of paying them back in full when they are paid next. The Federal Reserve System is rather unique among regulators across the world. But whatever their incentive might be, their FOIA requests have produced what look like some pretty damning e-mails between CCRF - which, again, receives funding from payday lenders - and academic researchers who have written about payday lending. Standaert argues that payday loans are often not used how the industry markets them, as a quick solution to a short-term emergency. And we’d let the market determine whether or not at that high price we still have folks wanting to use the product. This had been the topic of an ongoing debate in Washington, D.C. If you want more Freakonomics Radio, you can also find us on Twitter and Facebook and don’t forget to subscribe to this podcast on iTunes or wherever else you get your free, weekly podcasts. I never seen a person walk out with a bad attitude or anything. If you want to go way deeper into this rabbit hole, check out this article written by Christopher Werth about payday industry connections to academic research. He got some letters from the city, demanding he pay the fine. Consider a study that Zinman published a few years back. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Worse yet, she says, borrowers have almost no choice but to roll over their loans again and again, which jacks up the fees. But the more I think about it, the more it seems like a symptom of a much larger problem, which is this: remember, in order to get a payday loan, you need to have a job and a bank account. There’s one more thing I want to add to today’s discussion. To get a payday loan, you need to have a job and a bank account.

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ZINMAN: And in that study, in that data, I find evidence that payday borrowers in Oregon actually seemed to be harmed. WINCY COLLINS: I advise everyone, “Do not even mess with those people. Think about that, because there are a lot of McDonald’s. Later on, the payday lenders gave Mann the data that showed how long it actually took those exact customers to pay off their loans. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. ZINMAN: The Pentagon in recent years has made it a big policy issue. Just starting a separate loan with a separate loan number, evading the regulation. Another nine states allow payday loans but only with more borrower-friendly terms. DEYOUNG: If we take an objective look at the folks who use payday lending, what we find is that most users of the product are very satisfied with the product. Zinman and Carrell got hold of personnel data from U.S. President Obama is pushing for regulatory reform; payday advocates say the reform may kill off the industry, leaving borrowers in the lurch. who’ve come to rely on a financial instrument, the payday loan, that is, according to its detractors, exploitative, and according to its supporters, useful. For more information on the people and ideas in the episode, see the links at the bottom of this post. This guy, for instance: PRESIDENT BARACK OBAMA: At first it seems like easy money. My position is I want to make sure the users of payday loans who are using them responsibly and for who are made better off by them don’t lose access to this product. In fact, in the author’s note, Fusaro writes that CCRF, “exercised no control over the research or the editorial content of this paper.” DUBNER: OK, so far, so good. Whenever we talk about academic research on this show - which is pretty much every week - we do try to show the provenance of that research and establish how legitimate it is. On the other hand it identifies folks using it incorrectly and allows them to get out without you know being further trapped. And what they show is they certainly look like editorial interference. And even Islamic banking, which follows in the same tradition. Don't allow yourself to "give up hope" without consulting our office first.Payday Loan ConsolidationDebt Consolidation is confusing and irritating. So we went back to Bob DeYoung and asked whether, maybe, it should have. DUBNER: Now, Bob, the blog post is sort of a pop version of a meta-study, which rolls up other research on different pieces of the issue. Like life itself, academic research is a case-by-case scenario. This is about short-term use of a product that’s been lent to you. But in DeYoung’s view, in the government’s rush to regulate - and maybe shut down - the payday-loan industry, there isn’t nearly enough inquiry going on. Apply for short loan online. Of course that’s a regulation that was poorly written, if the payday lenders can evade it that easily. Fusaro does maintain though, that CFA, this watchdog group, has really taken his e-mails out of context and just made false accusations about him. DIANE STANDAERT: From the data that we’ve seen, payday loans disproportionately are concentrated in African-American and Latino communities, and that African-American and Latino borrowers are disproportionately represented among the borrowing population. The expense of collecting that information, of underwriting the loan in the traditional way that a bank would, would be too high for the payday lender to offer the product. STANDAERT: Payday loans are structured as a debt trap by design. Which suggests there is a small but substantial group of people who are so financially desperate and/or financially illiterate that they can probably get into big trouble with a financial instrument like a payday loan.

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And that among the Center’s many funders are banks and other mainstream financial institutions. DUBNER:From what I’ve seen on the CFA website, most of their political targets, at least, are Republicans. STANDAERT: These payday loans cost borrowers hundreds of dollars for what is marketed as a small loan. You make the best judgment you can, and then you move forward and try to figure out how the research really matters. Payday Loans: Time for Review, Federal Reserve Bank of St. You be satisfied, I be satisfied, and I see other people be satisfied. Watch CFPB director, Richard Cordray’s recent appearance before the House Financial Services Committee. Some studies say yes … ZINMAN: But we have other studies that find that having more access to payday loans leads to a greater incidence of detrimental outcomes. You know, we have a problem in society right now, it’s getting worse and worse, is we go to loggerheads and we’re very bad at finding solutions that satisfy both sides, and I think this is a solution that does satisfy both sides, or could at least satisfy both sides. Another co-author, , is an assistant vice president at the New York Fed. First, Mann wanted to gauge borrowers’ expectations - how long they thought it would take them to pay back a payday loan. Loans are provided by unaffiliated third-party lender NCP Finance Ohio, LLC pursuant to the Ohio Mortgage Loan Act, O.R.C. This product, in fact, is particularly badly suited to predict this because the payday lender only gets a small number of pieces of information when she makes the loan, as opposed to the information that a regulated financial institution would collect. And this let Zinman compare data from the two states to see what happens, if anything, when payday-loan shops go away. if not "predatory" payday lenders soliciting consumers using marketing tools which allow them to prey on the vulnerable. Payday loans dallas tx. We asked some other payday-loan customers in Chicago about their experience. The solution that you have been looking for is what we provide Overton - "At a time when I was in a financial crisis, Illinois Lending assisted me with the funds to see my child attend prom. You ask where the data comes from, whether it really means what they say it means, and you ask them to explain why they might be wrong, or compromised. is the director of state policy at the Center for Responsible Lending, which has offices in North Carolina, California, and Washington, D.C. FUSARO: This is a group with an agenda that doesn’t like the results of academic research. The amount of debt and whether it’s all from online payday loans or not makes a significant argument as to how you decide to resolve it. Robert Shiller, the Sterling Professor of Economics, Yale School of Management Professor of Finance, and Nobel laureate, is one of three honorees to receive a Gold Honor. DUBNER: Well, Christopher, that defense sounds, at least to me, like pretty weak sauce. MUSIC: Dominik Hauser, “Drumline for Snares” In that paper, which he co-authored with , Zinman looked at the use of payday loans by U.S. I mean the results of the paper have never been called into question. That overdrafting on four or five checks at their bank is going to cost them more money than taking out the payday loan. President Obama spoke about the problem last year at Lawson State Community College in Birmingham, Alabama. They seemed to be worse off by having that access to payday loans taken away. DeYOUNG: We need to do more research and try to figure out the best ways to regulate rather than regulations that are being pursued now that would eventually shut down the industry. The President was promoting some proposed new rules from the Consumer Financial Protection Bureau that would change how payday lenders operate, or perhaps put them out of business. But these loans are designed to be held for just a few weeks, unless, of course, they get rolled over a bunch of times. DUBNER: Let’s say you have a one-on-one audience with President Obama. If we load up additional costs on the production function of these loans, the loans won’t be profitable any longer. So let’s go where Freakonomics Radio often goes when we want to find someone who does have a horse in the race: to academia. is a spokesperson for Advance America - that’s one of the biggest payday lenders in the United States. ZINMAN: And what we found matching that data on job performance and job readiness supports the Pentagon’s hypothesis. The state of Washington, Oregon’s neighbor to the north, had considered passing a similar law that would cap interest rates, but it didn’t. So should the payday borrower not pay the loan off in two weeks, the payday lender then deposits the check. Really, really, really expensive - so much so that some people think payday loans are just evil. What our producer learned was that while Ronald Mann did create the survey, it was actually administered by a survey firm. The payday industry, and some political allies, argue the CFPB is trying to deny credit to people who really need it. It’s like the houses that don’t burn down and the stores that don’t get robbed. I work at Boost Mobile around the corner from the payday-loan place. ZINMAN: And so Scott and I got the idea of actually testing that hypothesis using data from military personnel files. DeYOUNG: The payday lender doesn’t collect any other information. So he designed a survey that was given out to borrowers in a few dozen payday loan shops across five states.

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Like the Oregon-Washington study, this one also took advantage of changes in different states’ payday laws, which allowed the researchers to isolate that variable and then compare outcomes. Nor should it surprise you that a government agency called the Consumer Financial Protection Bureau is trying to regulate an industry like the payday industry. Her name is ; she’s the president of a company called Cypress Research, which, by the way, is the same survey firm that produced data for the paper you mentioned earlier, about how payday borrowers are pretty good at predicting when they’ll be able to pay back their loans.

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All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC and/or its affiliates. As an economist might predict, if the financial incentive to sell a product is severely curtailed, people will stop selling the product. Bob DeYoung makes one particularly counterintuitive argument about the use of payday loans. But I think we can all agree that once someone pays fees in an aggregate amount equal to the amount that was originally borrowed, that’s pretty clear that there’s a problem there. At that point the lender’s principal is then switched over into a different product, a longer term loan where he or she pays it off a little bit each month. Let’s ask some academic researchers if the payday-loan industry is really as nasty as it seems. And without academic research, the regulation is going to be based on who shouts the loudest. But there’s one section of the blog where we highlight mixed evidence. A lot of the payday loan shops near military bases closed down. DEYOUNG: Yes, I like to think of myself as an objective observer of social activity, as an economist. DUBNER: Well, here’s what seems to me, at least, the puzzle, which is that repeat rollovers - which represent a relatively small number of the borrowers and are a problem for those borrowers - but it sounds as though those repeat rollovers are the source of a lot of the lender’s profits. DUBNER: OK, so Christopher, let’s hear the most damning evidence. But, as Zinman noted in his paper, as the researcher you draw the line at letting the industry or industry advocates influence the findings. Now, to be clear, Ronald Mann says that CCRF did not pay him to do the study, and did not attempt to influence his findings; but nor does his paper disclose that the data collection was handled by an industry-funded group. DeYoung also argues that most payday borrowers know exactly what they’re getting into when they sign up; that they’re not unwitting and desperate people who are being preyed upon. Furthermore, according to DeYoung’s own research, because the payday-loan industry is extremely competitive, the market tends to drive fees down. ZINMAN: We saw a pretty massive exit from payday lending in Oregon, as measured by the number of outlets that were licensed to make payday loans under the prior regime, and then under the new law. Pros and cons, the history and future, of a guaranteed annual income. Our customers seem to always ask the same questions and tell the same stories on how they found themselves in this position. But some economists see them as a useful financial instrument for people who need them

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