"Also, the official, who spoke to journalists on condition of anonymity, said that if the rule had kicked in, some two-thirds of borrowers wouldn't qualify for

"Also, the official, who spoke to journalists on condition of anonymity, said that if the rule had kicked in, some two-thirds of borrowers wouldn't qualify for a payday loan." ... pretty brutal. From the CFPB[1], 82% of loans are renewals, and ~50% are longer cycles of debt. So, naively, of the 66% of people no longer eligible, one might expect 75% (50%/66%) of those to be stuck in a debt cycle and 25% (16%/66%) to no longer have access to credit. [1] https://files.consumerfinance.gov/f/201403_cfpb_report_payday-lending.pdf https://files.consumerfinance.gov/f/201403_cfpb_report_payda...