Exactly How brand new technologies for lending options damage non-prime customers but benefit prime customers

Exactly How brand new technologies for lending options damage non-prime customers but benefit prime customers

It really is a typical misperception that payday borrowers are un-banked, plus its the actual opposite, just individuals with bank reports could possibly get a pay day loan. Beyond having bank reports, approximately one-third of payday borrowers are homeowners and much more than half have actually attended or graduated university. 8 In this loan, the debtor gives the loan provider with a check that is post-dated security and receives their cash up-front—hence the word ‘payday.’ This could bridge liquidity dilemmas of Illiquid borrowers. (more…)

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