Workplace of Information & Media Relations | UMass Amherst
Information & Media Relations
AMHERST, Mass. ??“ Banks and credit unions will make cash which help their low- and middle-income clients by providing less expensive options to high-fee pay day loans, in accordance with Sheila Bair, a teacher during the University of Massachusetts Amherst and composer of the report, ???Low Cost pay day loans: Opportunities and hurdles.??? The analysis was funded because of the Annie E. Casey Foundation in Baltimore.
???Payday loans are a exceptionally high-cost kind of short-term credit,??? Bair says. ???The high costs are exacerbated by many people borrowers using the item 10 to 12 times per year. They have been utilized predominantly by those that can minimum manage them.???
Several facets ensure it is economically viable for banking institutions and credit unions to supply options to payday advances, Bair claims.
