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Let me make it clear about High-cost installment loans: No improvement over pay day loans

Let me make it clear about High-cost installment loans: No improvement over pay day loans

Until 2013, a number of banking institutions had been siphoning vast amounts yearly from client reports through “direct deposit advance” — items that carried normal annualized interest levels all the way to 300%. Like storefront payday advances, deposit advance had been marketed as a periodic connection up to a customer’s payday that is next. But in addition like storefront pay day loans, these bank services and products caught borrowers in long-term, debilitating financial obligation.