May 14, 2013
Installment loans have been around for decades. While payday loans are usually due in a matter of weeks, installment loans get paid back in installments over time a few months to a few years. Both types of loans are marketed to the same low-income consumers, and both can trap borrowers in a cycle of recurring, expensive loans.
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Economy
The 182 Percent Loan: How Installment Lenders Put Borrowers in a World of Hurt
Installment loans can be deceptively expensive. World Finance and its competitors push customers to renew their loans over and over again, transforming what the industry touts as a safe, responsible …
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