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high-cost loans
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Sources
The Impacts of Individual and Household Debt on Health and Well ... apha.org Oct 25, 2021 4 facts
perspectivePublic policy options to address high-cost loan demand include reducing the demand for high-cost loans, increasing the availability of safe low-interest loans with reasonable repayment terms, and providing public benefits to lower the demand for unsecured debt.
perspectiveWhite residents in the U.S. have greater access to low-cost loans and credit from mainstream banks compared to Black, Indigenous, and other people of color (BIPOC), who disproportionately bear the burdens of high-cost loans, credit, and overindebtedness.
perspectivePublic policy experts suggest that reducing the demand for high-cost loans, providing safe low-interest loans, and increasing public benefits are more effective strategies for managing unsecured debt than legalizing payday lending.
claimWhite residents in the U.S. have greater access to low-cost loans and credit from mainstream banks compared to Black, indigenous, and other people of color (BIPOC), who disproportionately bear the burdens of high-cost loans and overindebtedness.
Financial Ethics 101: Predatory Lending - Seven Pillars Institute 7pillarsinstitute-org.sevenpillarsconsulting.com Jun 18, 2024 1 fact
formulaThe Home Ownership and Equity Protection Act (HOEPA) regulates 'high-cost loans' where the annual percentage rate (APR) and fees exceed the yield on comparable Treasury securities plus 8%.