Payday loans play a vital role in the lives of many consumers who don’t have the cash reserves to cover an emergency expense. They are especially popular with underbanked consumers. However, they are expensive with APRs ranging from 300-750% and can lead to recurring debt cycles. Fortunately, with the regulatory uncertainty surrounding short-term loans beginning to clear, FIs have a very real opportunity to disrupt the $38.5 billion payday lending market by offering products with consumer-friendly terms.
Key questions this webinar will answer:
- What is the impact of the CFPB’s “full payment test”?
- Why are banks in a position to compete effectively with payday lenders?
- How can banks effectively manage the costs and risks of short-term lending?
- Why are short-term loans a win-win for banks and the underbanked?
NOTE: This is a client ONLY Javelin Advisory Services webinar. Please use your company email address to register for the webinar. We do not accept generic email addresses, such as yahoo and gmail