Without a doubt about High-cost installment loans: No improvement over payday advances

Without a doubt about High-cost installment loans: No improvement over payday advances

Until 2013, a number of banking institutions had been siphoning vast amounts yearly from customer records through “direct deposit advance” — items that carried normal annualized rates of interest of as much as 300%. Like storefront payday advances, deposit advance ended up being marketed as a periodic connection to a consumer’s next payday. But additionally like storefront payday advances, these bank items caught borrowers in long-term, debilitating financial obligation.
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