From Payday to Small Installment Loans. Dangers, opportunities, and policy proposals for effective areas

From Payday to Small Installment Loans. Dangers, opportunities, and policy proposals for effective areas

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Overview

Every one of the biggest payday loan providers now provide installment loans, that are repayable with time and guaranteed by use of the borrower’s checking account, as well as conventional pay day loans being due in one swelling amount. 1 This change toward installment lending is geographically widespread, with payday or automobile name loan providers issuing such loans or personal lines of credit in 26 associated with the 39 states where they run. 2

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