The Uniform Small Loan Law (USLL) was the Russell Sage Foundation’s primary device for fighting what it viewed as the scourge of high-rate lending to poor people in the first half of the twentieth century. The USLL created a new class of lenders who could make small loans at interest rates...

"In the United States, the average loan a person takes out with a payday lender is around $350 for two weeks. For many with access to mainstream forms of credit, they will rarely step into a payday shop, but for the 7.7% of Americans who are totally unbanked or the 17.9% who are under-banked a...