From Payday to Small Installment Loans. Dangers, opportunities, and policy proposals for effective areas

From Payday to Small Installment Loans. Dangers, opportunities, and policy proposals for effective areas

Dangers, opportunities, and policy proposals for effective areas

Overview

Most of the payday lenders that are largest now provide installment loans, that are repayable with time and guaranteed by use of the borrower’s checking account, as well as traditional payday advances being due within a lump amount. 1 This change toward installment lending is geographically extensive, with payday or automobile name loan providers issuing such loans or credit lines in 26 of this 39 states where they run. 2

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