Professor of Law, Vanderbilt University
Ph.D. Scholar in Law and Economics, Vanderbilt University
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Installment loans appear to be a kinder, gentler type of their вЂњpredatoryвЂќ 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.