The Debt Trap Drives the Fee Drain: Payday and Car-Title Lenders Drain Nearly $3 Billion in Fees Every Year

Center for Responsible Lending |

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Note: Arizona fees lost to Car Title loans now estimated at $9,156,242.20 annually

In the 31 states that allow for single-payment and payday installment loans, these loans drain more
than $2.2 billion in fees each year from borrowers who have an average annual income of approximately
$25,000.1 Car-title loans drain more than $700 million in fees annually from people in 17 states. Together,
these predatory loan products drain nearly $3 billion annually.

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