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SMALL DOLLAR LOAN PRODUCTS SCORECARD 2010

The National Consumer Law Center, Consumer Federation of America, and Consumers Union (Updated 5/7/10)72

STATE Alabama

Alaska

Arizona

Arkansas

California

Colorado

Connecticut

LOAN TYPE $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap

APR*

GRADE

456%

F

300

F

94

F

20

P

None

NA

443

F

Prohibited

P

36

P

36

P

None

NA

460

F73

204

F

54

F

46

F

No cap

F

17

P

Prohibited

P

17

P

17

P

None

NA

460

F

Prohibited

P

45

F

30

P

None

NA

521

F

Prohibited

P

91

F

58

F

45

F

Prohibited

P

Prohibited

P

29

P

26

P

12

P

72 73 Legislative developments through April 15, 2010, are reected in this Scorecard, unless otherwise indicated. Due to the sunset provision in Arizona’s payday loan law, Arizona will have a P in this category as of July 1, 2010. Ariz. Rev. Stat. Ann. § 6-1263. * If the APR includes a plus sign (“+”), the grade is an F because the APR could be higher than the stated APR. This situation occurs if the state permits exceptions to the criminal usury cap and one of the four loan products in the Scorecard has an APR that exceeds 36%. Several states permit lenders to pick one or two or more rate and/or fee alternatives when making smaller loans. Note that the Scorecard APRs are based upon the maximum permissible rates/fees regime.

14 5 Updated Small Dollar Loan Products

NATIONAL CONSUMER LAW CENTER

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