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Consumer Reports is an independent nonprofit organization that works for a fair, safe and transparent marketplace.

Since we were founded as Consumers Union in 1936, we have advocated for the rights of all consumers. Now, we are united under the Consumer Reports name, bringing together our trusted testing, research, journalism, and advocacy.

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Consumer Federation of America Payday Loan Page

Consumer Federation of America’s information resource on payday lending for consumers and advocates

Payday loans are extremely expensive cash advances that must be repaid in full on the borrower’s next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, unaffordable repayment terms, and coercive collection tactics made possible by check-holding.

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