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Media Center
Press Releases
June 11, 2010
Statement of Allan Jones
December 11, 2009
Title secured loans added to Arizona Check Into Cash locations
December 9, 2009
Payday advance customers speak out to Congress
November 16, 2009
Check Into Cash relocates two centers in California
September 3, 2009
Village Green, CIC headquarters marks decade of revitalization
August 7, 2009
Independent research underscores need for short-term credit in Wisconsin
August 6, 2009
Beware of Phony Debt Collectors
July 22, 2009
Check Into Cash Completes Check Cashing Conversion to Chexar® Risk Management Platform
June 2, 2009
Check Into Cash adds bill pay with Fiserv agreement
February 20, 2009
Check Into Cash partners with Western Union
Payday Lending Research
Federal Reserve Bank of NY Study Shows Banning Payday Loans Harms Customers
A new study comparing households with and without the payday loan option shows that in states where payday loans have been abolished, consumers suffer increased financial hardship.
Payday Lenders: Heroes or Villains?
Adair Morse of the University of Michigan’s Ross School of Business studied the effect of the availability of high-interest consumer loans on people’s welfare and found that payday lending enhances the welfare of communities. Her results indicate that payday lenders offer a valuable service to a community by providing credit in a very incomplete market.
Study Finds it Costs $13.89 to Offer a $100 Payday Advance
A September 2009 independent study by Ernst & Young analyzed financial information of 2,687 payday lending locations in the U.S. Survey respondents represented an estimated twenty-seven percent of multiline industry locations.
The Case Against New Restrictions on Payday Lending
In the study The Case Against New Restrictions on Payday Lending, Todd J. Zywicki of George Mason University’s Mercatus Center concludes that “Economic theory and empirical evidence strongly suggest that…paternalistic regulations would make consumers worse off, stifle competition, and do little to protect consumers from concerns of over indebtedness and high-cost lending.”
Restrictions on Credit: A Public Policy Analysis of Payday Lending
In “Restriction on Credit: A Public Policy Analysis of Payday Lending,” Petru S. Stoianovici of The Brattle Group and Michael T. Maloney, PhD of Clemson University use data from 2000 to 2006 to investigate the relationship between payday lending and personal bankruptcy filings. They find “no empirical evidence that payday lending leads to more bankruptcy filings,” and cast further doubt on the so-called “cycle of debt” argument used by industry critics. In sum, they conclude that restrictions on the industry hurt consumers by driving up fees and that banning the industry entirely reduces access to much needed credit.
First-of-its-Kind FDIC Study Looks at Fees and Customer Usage of Bank Overdraft Programs
FDIC Study of Bank Overdraft Programs analyzes the types, characteristics and use of overdraft programs offered by FDIC-supervised banks. The study looks at these programs, their features, the fees imposed, and consumer usage patterns, including the characteristics of customer accounts that tend to incur the highest volume of overdraft fees.
The Cypress Report
This 2004 study, conducted by an independent firm, the Cypress Research group, was commissioned by CFSA to determine customer satisfaction with payday advance.
Click here for the Georgetown Report
This study, released in 2001 and conducted by the Credit Research Center of Georgetown University, is the nation's first economic analysis of consumer demand for, and use of, the payday advance product.
Why would anyone pay 335% more for coffee?
Checklist: The Independent Magazine for Neighborhood Financial Service Providers article
