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Posted On January 24, 2021 In Investigation With 26 Views

Why loan providers are getting off lump-sum items

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Why loan providers are getting off lump-sum items

The trend among payday and automobile name loan providers toward providing installment loans will be driven by three facets: customer preference, regulatory force, and lenders’ work to prevent customer protections applied for lump-sum payment loans.

Customer preference

Pew’s studies have shown that, compared to the standard model that is lump-sum cash advance clients overwhelmingly help requiring an installment re re payment framework that offers them additional time to settle loans in lower amounts that squeeze into their spending plans. (more…)

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