INTRODUCTION This is an updated version of the report initially released on July 23, 2020 and followed by updates on October 22, 2020 and June 18, 2021. In this report, we removed all Illinois data due to legislative updates effective in March 2021. Consumer access to small-dollar loans was determined by the U.S. Treasury to be an essential service during the COVID-19 pandemic. Licensed small-dollar lenders have largely remained operational to provide these essential services. We received several inquiries about how the ongoing public health crisis has impacted transaction activity for payday loans (aka short-term loan, small-dollar loan, deferred presentment […]
Update: COVID-19 Impact Study on Small-Dollar Lending
Update: COVID-19 Impact Study on Small-Dollar Lending
INTRODUCTION This is an updated version of the report released in October 2020. Key updates included in this edition are as follows: Additional states (FL and IL) are included in the aggregated information as noted below. Aggregated historical information about payday loan activity from 2015 through 2019 is provided for additional perspective on trends for “single-payment” payday loans. Consumer access to small-dollar loans was determined by the U.S. Treasury to be an essential service during the COVID-19 pandemic. Licensed small-dollar lenders have largely remained operational to provide these essential services. We received several inquiries about how the current public health […]
Update: COVID-19 Impact Study on Small-Dollar Lending
INTRODUCTION Consumer access to small-dollar loans was determined by the U.S. Treasury to be an essential service during the COVID-19 pandemic. Licensed small-dollar lenders have largely remained operational to provide these essential services. We have received several inquiries about how the current public health crisis has impacted transaction activity for payday loans (aka short-term loan, small-dollar loan, deferred presentment loan, deferred deposit loan, etc.). This report provides an overview of actual payday loan activity collected in real-time across multiple States since the onset of the pandemic in early 2020. Veritec is uniquely qualified to provide this summary report of data […]
COVID-19 Impact Study on Small Dollar Lending
INTRODUCTION During the COVID-19 pandemic, the U.S. Treasury designated consumer access to small-dollar loans as an essential service. Licensed small-dollar lenders have largely remained operational to provide these essential services. Veritec Solutions has received several inquiries about how the current public health crisis has impacted transaction activity for payday loans (also known as short-term loans, small-dollar loans, deferred presentment loans, and deferred deposit loans). This report provides an overview of actual payday loan activity collected in real-time across multiple states since the onset of the pandemic in early 2020. Veritec Solutions is uniquely qualified to provide this summary report of […]