Short-Term, Small-Dollar Lending: Rules Dilemmas and Implications

Short-Term, Small-Dollar Lending: Rules Dilemmas and Implications

Short-term, small-dollar loans are consumer loans with fairly low initial major amounts (frequently not as much as $1,000) with fairly quick payment durations (generally speaking for only a few days or months). Short-term, small-dollar loan items are commonly used to pay for cash-flow shortages that could take place as a result of unforeseen spending or durations of insufficient money. Small-dollar loans could be available in various kinds and also by various kinds of loan providers. Banking institutions and credit unions (depositories) could make small-dollar loans through financial loans such as for example bank cards, charge card payday loans, and account that is checking safeguards products. (more…)

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