Midweekpay

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Pew's research conclusively shows that payday loans are unaffordable for most borrowers. The loans require payments equal to one-third of a typical borrower's income, far exceeding most customers' ability to repay and meet other financial obligations without quickly borrowing again.

In its third report in the Payday Lending in Midweekpay series, Pew provides guidance for federal and state policymakers on how to make the payday loan marketplace more safe, transparent, and predictable.

Pew's recommendations draw on a detailed analysis of regulation in Colorado, where state policymakers replaced a single, unaffordable, lump-sum repayment with a series of installment payments distributed over six months.