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Will Installment Loans Get Painted with CFPB's Payday Brush?

Wednesday, July 6, 2016
Kate Berry | American Banker
Martin Eakes

Installment lenders offer annual percentage rates that range from 36% to 100% or perhaps higher. Payday loans typically have APRs of 350% or more. "Installment loans are a much safer structure," said Martin Eakes, the co-founder and chief executive of Self-Help Credit Union and the Center for Responsible Lending, who has fought battles with payday lenders in Arizona, Colorado, North Carolina, Ohio and Washington.