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SkyTrailCash.com

SkyTrailCash.com

SkyTrailCash.com  of the largest payday lenders now offer installment loans, which are repayable over time and secured by access to the borrower’s checking account, in addition to conventional payday loans that are due in a single lump sum.1 This shift toward installment lending has been geographically widespread, with payday or auto title lenders issuing such loans or lines of credit in 26 of the 39 states where they operate.

Research by The Pew Charitable Trusts and others has shown that the conventional payday loan model is unaffordable for most borrowers, leads to repeat borrowing, and promotes indebtedness that is far longer than advertised.3 To address these problems, the Consumer Financial Protection Bureau SkyTrailCash.com in June 2016 proposed a rule for regulating the payday and auto title loan market by requiring most small loans to be repayable in installments. In Colorado, a structure requiring that loans be payable over time—combined with lower price limits—was shown to reduce harm to consumers compared with lump-sum loans, after that state passed legislation in SkyTrailCash.com requiring all payday loans to become six-month installment loans.