Why loan providers are getting off lump-sum services and products
The trend among payday and automobile name loan providers toward providing installment loans will be driven by three facets: customer choice, regulatory pressure, and lenders’ work to prevent customer defenses applied for lump-sum payment loans.
Customer preference
Pew’s studies have shown that, weighed against the traditional model that is lump-sum cash advance clients overwhelmingly help requiring an installment re payment framework that offers them more hours to settle loans in small amounts that squeeze into their spending plans. One loan provider explained, “I discovered […]