http://paydaypundit.org/2008/07/28/whos-missing-from-the-payday-loan-debate-2/ News and Information About The Payday Lending Industry Sat, 13 Mar 2010 18:15:22 -0800 http://wordpress.org/?v=2.9 hourly 1 http://paydaypundit.org/2008/07/28/whos-missing-from-the-payday-loan-debate-2/comment-page-1/#comment-670 Jon Schultz Mon, 28 Jul 2008 17:09:34 +0000 http://paydaypundit.org/?p=1059#comment-670 Some payday loan customers, who know they are not going to be able to repay the entire amount on their next payday, would be better served by an installment payday loan, whereby the customer signs up at the beginning to repay the loan in installments over several paydays. Lenders could offer installment payday loans at a lower APR than a two-week payday loan, as they wouldn't have to process individual rollovers (where allowed). Some quasi-legal websites offer installment payday loans, but I don't think state laws which authorize payday lending provide that flexibility for CFSA member companies. Some payday loan customers, who know they are not going to be able to repay the entire amount on their next payday, would be better served by an installment payday loan, whereby the customer signs up at the beginning to repay the loan in installments over several paydays. Lenders could offer installment payday loans at a lower APR than a two-week payday loan, as they wouldn’t have to process individual rollovers (where allowed). Some quasi-legal websites offer installment payday loans, but I don’t think state laws which authorize payday lending provide that flexibility for CFSA member companies.

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