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Short-Term, Small-Dollar Lending: PolicyР’ Problems and Implications

Overview

Short-term, small-dollar loans are consumer loans with reasonably low initial major amounts (frequently significantly less than $1,000) with fairly repayment that is short (generally speaking for a small amount of months or months). Short-term, small-dollar loan items are frequently employed to pay for cash-flow shortages that will take place because of unanticipated spending or durations of insufficient money. Banks and credit unions (depositories) could make small-dollar loans through lending options such as for instance charge cards, charge card payday loans, and bank checking account overdraft security tools. Read More »