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Nearly two in five (39 percent) of people who defaulted borrowed again low interest instant cash loans on. So even though a default is financially stressful for the borrower -- You dont have enough money to pay it back on your actual payday, Montezemolo says -- a default doesnt appear to pose as much risk to the lender. Indeed, CFPB Director Richard Cordray, at field hearing last Thursday in Richmond, Virginia, said that many lenders rely on their "ability to collect" payments rather than on the customers' ability to repay loans, according to the bureau's research.
Looking at the repayment rate among defaulted borrowers in North Dakota, Montezemolo says, I would suspect it has to do with debt collection activities, not your ability to repay the loans.
The CFPB, for example, levied a 10 million enforcement action last year against the large payday lender ACE Cash Express, citing, in part, illegal debt collection tactics -- including harassment and false threats of lawsuits or criminal prosecution -- to pressure overdue low interest instant cash loans into taking out additional loans they could not afford. " Overdrafts from borrowers bank accounts also insulate lenders from defaults, according to the Center for Responsible Lending.
Using a separate dataset of 52 payday borrowers, the study found that 33 percent experienced an overdraft on the same day they made a payday loan payment. Its what the researchers call an invisible default," since it never shows up on the payday lenders books. If not for overdrafts, serving to paper over defaults, the actual default rate would likely be higher, and would illustrate greater borrower distress, Montezemolo says.