The controversy around Mark Warner's payday lending bill, explained

Would it help or hurt the poor? It's complicated.

Sen. Mark Warner.
(Image credit: Chip Somodevilla/Getty Images)

Payday lending is not something you'd think a major Democratic politician would want to boost. But Sen. Mark Warner (D-Va.) has gotten himself into some hot water over a bill that critics say would do exactly that.

Payday lenders and their ilk have come under increased scrutiny recently for offering poor Americans small short-term loans with catastrophically high interest rates. According to Pew Charitable Trusts, 12 million Americans use payday loans each year, averaging $520 in fees just to borrow $375.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.