Professor of Law, Vanderbilt University
Ph.D. Scholar in Law and Economics, Vanderbilt University
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Installment loans appear to be a kinder, gentler form of their “predatory” relative, the cash advance. However for customers, they may be a lot more harmful.
Utilization of the installment loan, where a consumer borrows a lump sum payment and will pay back the main and desire for a number of regular repayments, is continuing to grow considerably since 2013 as regulators begun to rein in payday financing. Continue reading “Payday loan providers have embraced installment loans to evade laws – however they can be worse”