IDEAS home Printed from https://ideas.repec.org/a/fip/fedhle/99071.html
   My bibliography  Save this article

New Evidence on Where Payday Lenders Locate Their Storefronts

Author

Listed:
  • Nathan B. Anderson
  • Tori Healey
  • Jonathan Lanning

Abstract

Payday lenders offer short-term, small-dollar, and high-interest consumer loans. Consumers get payday loans primarily from state-licensed storefront locations—of which there were an estimated 13,700 nationwide in 2018—where loans have a median amount of $350 and typical fees equate to an average annual percentage rate (APR) of almost 400%. Unlike traditional financial institutions, such as banks and credit unions, there is no centralized national database on the location of payday lender storefronts.

Suggested Citation

  • Nathan B. Anderson & Tori Healey & Jonathan Lanning, 2024. "New Evidence on Where Payday Lenders Locate Their Storefronts," Chicago Fed Letter, Federal Reserve Bank of Chicago, July.
    • Handle: RePEc:fip:fedhle:99071
    as

    Download full text from publisher

    File URL: https://www.chicagofed.org/-/media/publications/chicago-fed-letter/2024/cfl496.pdf?sc_lang=en
    Download Restriction: no
    ---><---

    Other versions of this item:

    More about this item

    Keywords

    Community development;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedhle:99071. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lauren Wiese (email available below). General contact details of provider: https://edirc.repec.org/data/frbchus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.