Payday loan providers have actually embraced loans that are installment evade laws – however they might be a whole lot worse

By Paige Marta Skiba and Caroline Malone

Installment loans appear to be a kinder, gentler form of their “predatory” cousin, the loan that is payday. But also for customers, they may be much more harmful.

Utilization of the installment loan, for which a customer borrows a lump sum payment and will pay straight back the main and curiosity about a group of regular repayments, is continuing to grow considerably since 2013 as regulators begun to rein in payday financing. Continue reading →