A new study published Tuesday by the Center for Responsible Lending argues that early default rates demonstrate why upfront underwriting is the way to go.

We need that ability to repay to be on the front end, from that first loan, because thats when people are starting to default, says Susanna Montezemolo, a senior policy researcher at the Center for Responsible Lending, and co-author of the report, Payday Mayday: Visible and Invisible Payday Lending Defaults. Payday loans are typically secured with either a post-dated check from the borrower, or by giving the lender access to the borrowers bank account.

As soon as a borrower gets paid at work, the lender is first in line to get paid on a loan leveraged cash flow loans often comes with triple-digit interest. They time the payment when youre most flush, says Montezemolo. Theoretically, payday default rates should be pretty low. However, thats not what the center found. The report analyzed 1,065 borrowers in North Dakota who took out their first payday loans in 2011.

The state allows borrowers to renew payday loans, and using a database of lending leveraged cash flow loans in the state, researchers were able to track the borrowers over time, and across different lenders from whom they may have borrowed.

Nearly half of the payday borrowers -- 46 percent -- defaulted within two years.

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