Installment Loans are Destined to Fail


For anyone that is used to getting payday loans on a regular basis over the years, you already know that due to regulation, payday loans are a thing of the past except for in very rare situations that are dictated by region.

Just like I predicted the eventual end of the payday loan, so too, do I predict the inevitable end of the installment loan. The reason why I can make this statement is that the business model just doesn’t work long term.

Payday loans were popular because of the use of short term loans. Installment loans on the other hand are long-term. Usually 1 year in length. This means that you will pay outrageous interest for 12 months instead of just 1.

You’ll get a larger lump sum upfront but once that’s gone you’ll be forced to takeout another long-term loan which clearly mimics the payday loan cycle. The average person will not be able to sustain the payments for more than a few months which will result in a default and eventually, the fall of the installment loan.

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