AB 377: Do Californians Require $500 Payday Advances?

AB 377: Do Californians Require $500 Payday Advances?

Fast Facts on Pay Day Loan Quantities

  • Nearly 80 percent of payday borrowers report that the quantity they received ended up being the total amount they needed
  • 90 per cent of payday borrowers whose loan ended up being insufficient did not take out a payday loan that is new
  • Borrowers whoever loans had been insufficient typically postponed acquisitions, did without and borrowed from family and friends

A provision that is key of 377, authored by Asm. Tony Mendoza (D-Los Angeles), would enhance the cash advance restriction from $300 to $500 from the industry’s assertion that $300 is insufficient because of Ca’s high cost of residing. Read more