Pay Day Lending

Nearly half a million Californians are taking out more than 10 payday loans over the course of a year, paying an average percentage rate of 372 percent with a substantial number of these loans going to the elderly.

This activity represents a significant burden to these individuals, their families, their communities and the state.

AB 3010 maintains access to capital for California consumers through payday lending while instituting responsible practices that prevent consumers from entering a cycle of debt.

Want to know more?

Download AB 3010 Fact Sheet:

Fact Sheet +

Download the payday lending report issued by the Department of Business Oversight:

Payday Lending Report +


Assemblymember Limón Measure Helps Californians Avoid Falling into a Cycle of Debt

(Sacramento)   - Millions of Californians, like Yesenia, have fallen into a cycle of debt from payday lending companies. “My mom lost her job and as the eldest, I had to get two part time jobs while being a full-time student at San Francisco State,” says Yesenia. “We fell back on rent and had to decide whether to pay PG&E, our cell phones, or buy food.” Its stories like Yesenia’s that prompted Assemblymember Monique Limón (D-Santa Barbara) to introduce AB 3010, the California Deferred Deposit Transaction Law, to ensure Californians have access to capital through payday lenders while avoiding a cycle of debt. Check out more of Yesenia’s story in this Assembly Access video.


Breaking the Cycle of Debt with Payday Lenders

(Sacramento)   – Like millions of Californians Michael fell into a cycle of debt from payday lending companies. In 2012, he took out 6 loans totaling $1,530 and has paid more than $6,000 in fees. “I’ve had nothing but negative experiences from payday loan companies,” says Michael. “Every month when I get my social security check deposited into my bank account, I call it a day from hell. That is when I withdraw the money and pay it to the payday loan companies.” Stories like Michael’s led Assemblymember Monique Limón (D-Santa Barbara) to introduce AB 3010, the California Deferred Deposit Transaction Law, to ensure Californian consumers have access to capital through payday lenders without falling into a cycle of debt. Learn more about Michael and Assemblymember Limón’s legislation in this Assembly Access video.


Kimberly’s Cycle of Payday Lender Debt Show Need for Limón’s Legislation

(Sacramento)   – Kimberly paid almost three thousand dollars when she borrowed just over $15-hundred from payday lenders. “I needed to buy groceries. I ate at my parent’s house and I got into a payment plan for my PG&E bill,” she says. “It is drastic when you are trying to take care of a child and survive while paying these loans and fees.” Stories like that resulted in Assemblymember Monique Limón (D-Santa Barbara) introducing AB 3010, the California Deferred Deposit Transaction Law, to ensure Californian consumers have access to capital through payday lenders while keeping them out of a cycle of debt. Learn more about Kimberly and AB 3010 in this Assembly Access video.


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