Payday loan debt relief use fell during pandemic, but will rebound


In summary

A new report has found a dramatic decrease in Californians’ reliance on payday loan debt relief as a direct result of government assistance linked to the pandemic, including unemployment benefits, rent relief, moratoriums on evictions, stimulus checks and loan forgiveness. But experts warn that payday loan usage is expected to rebound once government assistance ends.

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Government pandemic aid may have helped some Californians avoid resorting to expensive payday loans last year, but some experts say it may be too early to celebrate payday loan debt relief”}” data-sheets-userformat=”{“2″:8705,”3”:{“1″:0},”12″:0,”16″:10}”>payday loan debt relief

A new report has found that in 2020, California saw a 40% drop in underwritten payday loans from 2019, a drop equivalent to $ 1.1 billion. Almost half a million fewer people have not used payday loans, down 30% from 2019.


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