February, 1999

Wolf in Sheep's Clothing:
Payday Loans Disguise Illegal Lending

This article was written by the Consumers Union Southwest Regional Office.

In Brief

CU Study

Findings

Old Dog, New Tricks

The Criminal Justics System as a Collection Agency

The Treadmill

Table of Study Results

Recommendations

Survey of Payday Lenders in Austin, Dallas, Killeen and Waco
Conducted January and February 1999

 

Loan Types:

P=payday

A=advertisement

S= sale leaseback

C=catalog sales

*Loan amounts based on a new customer with a monthly in-come of
$1,800. Where renewals note "none permitted," some companies said
that they would renew for return customers under some circum-stances.

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