Picture by Alexander Mils on Unsplash
Instalment loans look like a kinder, gentler form of their вЂњpredatoryвЂќ relative, the pay day loan. However for customers, they may be much more harmful.
Use of the instalment loan, for which a customer borrows a lump sum payment and will pay back the main and interest in a number of regular re payments, is continuing to grow significantly since 2013 as regulators started to rein in payday financing. (more…)