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Payday loan providers have embraced installment loans to evade laws

Payday loan providers have embraced installment loans to evade laws

Vanderbilt University provides money as a founding partner associated with Conversation US.

Installment loans look like a kinder, gentler form of their “predatory” relative, the cash advance. But also for customers, they might be a lot more harmful.

Utilization of the installment loan, by which a customer borrows a lump sum payment and will pay back the main and fascination with a number of regular payments, is continuing to grow significantly since 2013 as regulators started initially to rein in lending that is payday. In reality, payday loan providers may actually are suffering from installment loans mainly to evade this increased scrutiny.

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