San Francisco, CA -- (SBWIRE) -- 06/04/2013 -- Companies including Cash America International Inc. (CSH) and Advance America Cash Centers, Inc. (AEA) are increasingly selling longer-term installment loans to avoid rules and regulations set forth by the Consumer Financial Protection Bureau, which may impose on their shorter-term loans.
While consumer groups claim that installment loans carry the same risks and high annual interest rates that drew regulatory attention to payday types of lending, companies making the switch have won kudos from shareholders. They have also taken encouragement from statements made by some agency officials.
The move by payday lenders to give consumers longer loans puts them in competition with firms that have long focused on installment loans, including Citigroup Inc. unit OneMain Financial, World Acceptance Corp. and Regional Management Corp., both based in Greenville, South Carolina; and Springleaf Financial Corp. of Evansville, Indiana.
However, in states that don’t authorize payday loan companies to hand out the installment loans they want to make to consumers, such as Washington, New Hampshire and New York, payday lenders are seeking to change the laws, said Uriah King, who is the vice president of state policy at the Center for Responsible Lending, a Durham, North Carolina-based advocacy group.
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