Payday/High-cost Loans

Payday loans and title loans are made at very high interest rates without consideration of a borrowers’ ability to repay a loan. Secured by a post-dated check, direct access to a borrower’s bank account, or a car title, these loans frequently trap borrowers in a cycle of debt. CFA supports strong state and federal protections to prevent abusive practices and ensure that borrowers have every chance to access safe, sustainable, and affordable credit options.