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

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.