Federal Reserve Bank of San Francisco

Community Development

Community Investments Vol 22, Issue 1
The End of the 460 Percent APR: Tackling Payday Lending in California

Author(s): Leslie Diane Cook, Kyra Kazantzis, Melissa Morris, and James Zahradka

Spring 2010

Community Investments

In these difficult economic times, many consumers are living paycheck to paycheck or struggling to cope with the loss of a job. Regular and unforeseen expenses can quickly pile up, creating immediate liquidity shortages, particularly among low- and moderate-income (LMI) households. Unfortunately, far too many individuals are turning to high-cost payday loans to meet their short-term cash needs.

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