Reluctant borrowers who shied away from cash advance due to the short repayment cycle can now take advantage of the opportunity to stretch the loan payments out over multiple paydays.
So if a borrower earns $1,000 a week and gets a $500 cash advance, he pays the $500 back with smaller payments over two or three paydays instead of one lump sum on the next payday.
net, a Leading Payday Advance Loan Facilitator, Makes the Process of Paying Back Payday Advances Easier By Locating Lenders That Offer Borrower's the Option of Paying Back Payday Advances with Installment payments.
1, 2013 /PRNewswire-iReach/ -- One of the criticisms of the payday lending industry is that it doesn't give borrower's enough time to pay back the loans.
If this bad legislation backed by GILA passes, ordinary Georgians now using payday advance responsibly will have nowhere to go to get a small, unsecured cash advance to cover unexpected expenses between paydays," said Steve Benjamin, counsel for the Community Financial Services Association of America (CFSA).
The Georgia Industrial Loan Association (GILA), a powerful lobbying group composed of owners of small installment loan companies, is attempting to persuade the House Banks and Banking Committee to support a proposed law that will eliminate their competition and allow GILA companies to dominate the small lending market by outlawing the popular payday advance industry in Georgia.
The new law would fine and imprison hundreds of reputable, hard-working small business owners in Georgia and force hundreds of thousands of consumers to seek financial relief from unscrupulous operators in an underground market of disguised payday loan-type products.