The End of Payday Lending
Fringe financial services is the label sometimes applied to payday lending and its close cousins, like installment lending and auto-title lending—services that provide quick cash to credit-strapped borrowers. It’s a euphemism, sure, but one that seems to aptly convey the dubiousness of the activity and the location of the customer outside the mainstream of American life. And yet the fringe has gotten awfully large. The typical payday-lending customer, according to the Pew Charitable Trusts...