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Installment loans in the same way high-risk as pay day loans, Pew warns

Because the government clamps down on conventional pay day loans that cripple low- and moderate-income borrowers with unaffordable repayments, loan providers are moving their companies to installment loans that may be just like harsh on struggling individuals, the Pew Charitable Trusts warned Thursday.

Pew, a nonprofit public policy research team, is calling regarding the Consumer Financial Protection Bureau and state governments to prohibit a number of the interest rates that are harshest and costs at any given time whenever federal agency is considering brand brand new guidelines for short-term loans individuals sign up for whenever in need of cash between paychecks. Читать далее