After the Fact
After the Fact
The Pew Charitable Trusts
States of Innovation: Small Loans, Large Cost
18 minutes Posted Dec 23, 2020 at 3:23 am.
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Show notes

Stat: 12 million: The number of Americans who use payday loans each year.

Story: Payday loans can help people facing an unexpected financial crunch—but can also bring unexpected problems. Ohio adopted an innovative new law to protect consumers who were being dragged into a cycle of debt by the very loans they thought would help them. We learn more from Nick Bourke, who directs Pew’s consumer finance work, and Pastor Carl Ruby, who saw the downside to the loans and helped lead the fight to change the law.