I was able to pay my car payment on time thanks to your easy payday loan. I was expecting getting a payday loan to be a big hassle, but it was so easy!

-L. Rexrode

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Soon to be Released Report Debunks Payday Myths

A recent study called "Defining and Detecting Predatory Lending," by Donald P. Morgan, Research Officer, and Samuel G. Hanson, Graduate Student concludes that payday loans are not a "welfare reducing" form of credit. The authors suggest that payday loans help enhance the welfare of households by increasing the supply of credit.

The researchers looked at the differences in household debt and failure to pay on bills or other debts, in both non payday loan states and ones that payday loans could work in. They compared the change in those differences before and after the advent of payday loan lending paying close attention on households that seemed more vulnerable to predation.

Morgan and Hanson's research concluded that there were many discrepancies between what is typically assumed as the normal school of thought, which was that payday lenders preyed on the lower class, and what was actually occurring.

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