On June 24th in Washington D.C., it has been revealed that the Federal Deposit Insurance Corporation's (FDIC) Advisory Committee on Economic Inclusion will discuss their pilot program. The meeting is public and will touch base on the results of the program that offered small dollar loans.
The small dollar loan program was a two year study that was conducted to see if financial institutions could offer short term cash loans in place of payday loans or overdraft-programs that have hefty fees. 28 banks participated in the pilot program and had assets ranging from $28 million to $10 billion. They offered small dollar loans up to $2,500 with an annual interest rate no less than 36% with a repayment period of at least 90 days.
According to the FDIC, outside sources say that a total of $40 billion is issued annually in payday loans. Additionally, there is $38 billion worth of overdraft fees incurred each year in the United States.
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