Payday lenders hoping for recovery

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Brianna Reeves |

Payday lenders in California experienced a sharp decline in loans and borrowers in 2020 during the pandemic, despite initial levels of job loss and unemployment.

The Department of Financial Protection and Innovation (DFPI) reported a 40 percent cut in payday loans in 2020, according to their figures. Payday Lending Activity Annual Report 2020

“Payday loans are believed to have declined during the pandemic for a number of reasons, which could include factors such as incentive checks, loan abandonment and the rise in alternative financing options,” Acting DFPI Commissioner Christopher S. Schultz said in a press release. …

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