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

By Paige Marta Skiba and Caroline Malone

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

Utilization of the installment loan, by which a customer borrows a lump sum payment and will pay straight straight back the key and curiosity about a few regular re re payments, has exploded considerably since 2013 as regulators begun to rein in lending that is payday. Continue reading