Payday Loans and the Secondary Financial Market
2012
Pay day lending has become controversial as activists, such as the Center for Responsible Lending (CRL), attempt to restrict its growth. A review of information maintained by the Oklahoma regulatory authority reveals that CRL misrepresents data in order to further its reform agenda. As a component of alternative financial services, payday loans represent a Secondary Financial Market through which borrowers unable, or unwilling, to access the Primary Financial Market can obtain credit. Regulation of payday lending is a more pragmatic approach than prohibition.
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