How Predatory Lending Drained $2.4 Billion from 20 Million Americans

Recent data from the Center for Responsible Lending (CRL) reveals a troubling surge in online predatory lending. In 2022 alone, over 20 million high-cost loans were issued to financially vulnerable individuals, totaling $8.6 billion. These loans often came with triple-digit annual percentage rates, drastically deepening borrowers' financial distress. The result? Consumers were saddled with more than $2.4 billion in fees and costs, highlighting a system that disproportionately harms those least able to afford it. This growing dependency on exploitative lending practices calls for urgent regulatory intervention. Without stronger consumer protections, millions remain at risk of falling into relentless debt cycles. The CRL’s findings shine a light on the pressing need to reform online lending, ensuring fairness, transparency, and economic justice for all. As the landscape of financial services evolves, so too must our safeguards against abuse and predation in the lending industry.