High-cost installment loans: No improvement over pay day loans

Posted on May 7, 2021May 7, 2021Categories Illinois car title loans near me  Leave a comment on High-cost installment loans: No improvement over pay day loans

High-cost installment loans: No improvement over pay day loans

Until 2013, a number of banking institutions had been siphoning vast amounts yearly from consumer records through “direct deposit advance” — items that carried normal annualized interest levels all the way to 300%. Like storefront pay day loans, deposit advance ended up being marketed as a periodic connection to a consumer’s next payday. But in addition like storefront payday advances, these bank services and products caught borrowers in long-term, debilitating financial obligation. Continue reading “High-cost installment loans: No improvement over pay day loans”