We’re proud to work with Consumer Federation of America to publish this report detailing alternatives to high cost loans and policy solutions to expand affordable options.

This report provides an overview and analysis of the many alternative products and strategies employed by consumers when high cost credit is unavailable, and spotlights initiatives, products, and resources implemented and available from throughout the country. Alternatives discussed in the report will provide both resources for an individuals’ immediate budget shortfall and strategies for planning ahead for the next emergency.

We find that a wide variety of options are available to consumers once triple-digit interest rate loans are gone. There are no easy answers to not having enough money, but a long list of alternatives can help address the needs that drive people to high-cost loans without plunging them further in debt. Cash-assistance programs and services already in place can help families in a post-36 percent cap world address shortfalls through strategies that don’t involve taking on more debt, such as payment plans with utilities. Responsible credit from banks, credit unions, finance companies, and fintech companies also can meet cash needs in an affordable manner.

Download and read the full report below. You can also read the news release on the CFA website.

About our partner: The Consumer Federation of America (CFA) is a nonprofit association of more than 250 national, state, and local consumer groups that was founded in 1968 to advance the consumer interest through research, advocacy, and education. For over 50 years, CFA has been at the forefront of consumer protection with a broad portfolio of issues including financial services, banking, product safety, telecommunications, investor protection, energy, housing, insurance, privacy and saving. CFA’s non- profit members range from large organizations such as Consumer Reports and AARP, to small state and local advocacy groups and include unions, coops, and public power companies.