Payday lenders have embraced installment loans to evade regulations – but they may be even worse
- Written by Paige Marta Skiba, Professor of Law, Vanderbilt University
A little cash can be costly.AP Photo/Sid Hastings
Installment loans seem like a kinder, gentler version of their “predatory” cousin, the payday loan. But for consumers, they may be even more harmful.
Use of the installment loan, in which a consumer borrows a lump sum and pays back the principal and interest in a series of regular...