High-cost installment loans: No improvement over payday advances

High-cost installment loans: No improvement over payday advances

Until 2013, a few banking institutions had been siphoning vast amounts annually from client records through “direct deposit advance” — items that carried typical annualized rates of interest as much as 300%. Like storefront payday advances, deposit advance had been marketed as an intermittent connection up to a consumer’s payday that is next. Continue reading “High-cost installment loans: No improvement over payday advances”