Online Lenders Alliance Executive Director Andrew Duke authored an article for the Summer 2023 edition of The Legislator Magazine entitled “Financial Technology Helps Consumers Living Paycheck to Paycheck.”
Consumers want solutions when they run into financial difficulty, and a recent academic study and survey offers us insight into what happens when their options are limited by policymakers. Following the enactment of Illinois’ 36 percent APR cap on loans, the number of loans to subprime borrowers decreased by 44 percent while the average loan size to subprime borrowers grew by 40 percent (leaving them with a bigger loan than they wanted).
Read the full article here.
