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What’s the difference between payday and installment loans?

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Pay day loans and installment loans (in particular, the nature supplied by World Finance) are just what customer advocates call ‘small-dollar, high-cost’ loans. They often times carry high interest. That is in part as the borrowers are generally low-income, and/or have woeful credit or credit history that is little. Such subprime borrowers might not have use of cougar review cheaper types of consumer credit—such as charge cards or home-equity loans through banking institutions or credit unions.

Payday financing has already been the prospective of criticism by customer advocates as well as the Consumer Financial Protection that is new Bureau. (more…)