By Aimee Picchi
MoneyWatch
The payday financing industry is evolving, but its latest services and products may just offer customers with a different sort of path right into a cash gap.
Payday loan providers are increasingly turning to installment loans, along with of America’s biggest payday lending organizations now attempting to sell the merchandise, in accordance with brand brand brand brand new research from Pew Charitable Trusts. As opposed to needing payment of that loan within times or months, these items are repayable over many months.
From the face from it, these loans might appear like a far better deal for borrowers simply because they offer more hours to settle the lending company, and customers have a tendency to choose a payment that is installment, Pew discovered.
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