Middle Class Income level People Turning to Short Term Loans

The impact of the great recession and the sluggish recovery has been the rising use of nonbank credit products, due to recession the use of payday loans or other this kind of agency has been increased like payday loan, rent to own agreements, refund anticipation loan, pawanshop loan. A disturbing underlying trend is that many of the borrowers using such short duration, high interest fees loans are first-time users and have characteristics normally associated with economic advantage not distress. Moreover, many nonbank consumers are using morethan one such product. Continue reading