Installment loans just like dangerous as payday advances, Pew warns

Installment loans just like dangerous as payday advances, Pew warns

The Pew Charitable Trusts warned Thursday as the federal government clamps down on traditional payday loans that cripple low- and moderate-income borrowers with unaffordable payments, lenders are shifting their businesses to installment loans that can be just as harsh on struggling people.

Pew, a nonprofit general general general public policy research group, is calling regarding the customer Financial Protection Bureau and state governments to prohibit a number of the harshest interest levels and charges at the same time as soon as the federal agency is considering brand new guidelines for short-term loans individuals sign up for whenever eager for money between paychecks. Read more