All Rights Reserved. Payday Loans: Study Highlights Default Rates, Overdrafts As Groups Debate CFPB Regulations. As the Consumer Financial Protection Bureau considers new regulations on payday lending, a study by the Center for Responsible Lending shows high and early default rates on the short-term loan product. Photo: ReutersJim Young. A pedestrian walks past a payday lending shop in London on March 6, 2013. Photo: ReutersSuzanne Plunkett.
A lender makes a loan. Then a borrower pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments.
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