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Payday loan providers have embraced installment loans to evade laws – nevertheless they are worse

Payday loan providers have embraced installment loans to evade laws – nevertheless they are worse

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Professor of Law, Vanderbilt University

Ph.D. Scholar in Law and Economics, Vanderbilt University

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The writers usually do not work with, consult, own stocks in or get financing from any business or organization that could reap the benefits of this short article, while having disclosed no appropriate affiliations beyond their scholastic appointment.

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

Utilization of the installment loan, for which a customer borrows a lump sum payment and will pay back the main and curiosity about a number of regular payments, has exploded significantly since 2013 as regulators started to rein in payday financing.