Payday loans and installment loans (in particular, the type provided by World Finance) are what consumer advocates call ‘small-dollar, high-cost’ loans. They often carry high interest. That is in part because the borrowers are typically low-income, and/or have poor credit or little credit history. Such subprime borrowers may not have access to cheaper forms of consumer credit—such as credit cards or home-equity loans through banks or credit unions.
Payday lending has recently been the target of criticism by consumer advocates and the new Consumer Financial Protection Bureau. Installment lending has flown largely under the radar of public attention and increased regulatory scrutiny. However, as Marketplace and ProPublica found in our joint investigation, some installment loans can have deleterious effects on consumers similar to those of payday loans, dragging those consumers into an ever-deeper cycle of debt.
Here's the difference between the two kinds of loans:
- Loan amount typically ranges from $100 to $1, 500.
- Loan is short-term, to be paid back in full in 30 days or less. Payment is ordinarily due on or immediately after receipt of the borrower’s next paycheck.
- Loan is repaid either through a post-dated check (provided by the borrower at the time the loan is made), or by automatic electronic withdrawal after the borrower’s paycheck has been directly deposited in their bank account.
- Lender charges a fee for the loan that can be calculated as an annual percentage rate (APR). A typical payday loan might be for a principal amount of $100, due in full in two weeks, with a fee of $15. Such a loan would carry an APR of 390 percent.
- Loan is typically unsecured, and the lender assesses the borrower’s ability to repay the loan based on provision to the lender of previous recent paychecks.
- Loan can be, and often is, rolled over in full when due, if the borrower can’t pay it off. The borrower incurs additional fees and owes the original loan amount in another two to four weeks.
To pay off the damage caused in the previous episode, Tsuna works as a lifeguard with Ryohei, only for them and the other boys to be challenged to a swimming race by older lifeguards. Later, Tsuna and his friends run a stand during a summer festival to continue to pay off their debt, only to have run ins with Hibari, and a group of thieves.
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