American Banker, May 21, 2023, Banks Now Offer Payday-Loan Alternatives. How Many People Use Them?
Over the last few years, several large and regional banks have started offering small-dollar loans to their cash-strapped customers. Now the question is: How many Americans are using the products?
A new survey — conducted by the Online Lenders Alliance, a trade group whose members offer payday loans and expensive installment loans — finds that some customers of banks that offer the products are still turning to higher-cost lenders.
