Did you know?

90 Seconds

A new payday loan is issued every 90 seconds, often with triple digit interest rates. 1

$8,344 Payment

Under SBs 430-432, a $2,500 loan would result in a borrower paying as much as $8,344.2

70% Reborrowing

70% of loans are reborrowed the same day as repayment, creating a bigger debt trap.3

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Review the Details of These Bills

Studies and Reports

Consumer Alert: Payday Loans—Know Your Rights
Michigan Attorney General Bill Schuette

New Federal Payday Lending Rule Offers Protection for Consumers
Pew Charitable Trusts

Policy to Address Predatory Lending
Center for Responsible Lending

CFPB Data Point: Payday Lending
Center for Responsible Lending

Payday Loan Facts and the CFPB’s Impact
Pew Charitable Trusts

Ohio Has the Highest Payday Loan Prices in the Nation
Pew Charitable Trusts

About ASFM

A Stronger Financial Michigan is a bipartisan fund set up to promote credit union-friendly legislative action.

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