Missouri payday lenders shift to installment loans. However the survey figures paint a picture that is incomplete.
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Payday lending volume in Missouri has declined notably in the past few years, in accordance with a state survey released this month.
On very first look, the study would seem to be good news to consumer teams which can be fighting to restrict the option of high-interest, short-term loans. They argue the loans lure cash-strapped borrowers into cycles of financial obligation.
Nevertheless the survey figures paint an incomplete photo.
While pay day loan amount therefore the wide range of cash advance storefronts have actually fallen, the amount of customer installment loan providers has surged.
Installment loans in Missouri are generally bigger than payday advances and so are paid back in installments spread across a time period of at the very least 120 times, instead of being due in complete after fourteen days, such as for example with pay day loans.