“Relatively few” OneMain loans will fall into those categories, according to a report by Credit Suisse. The difference between payday and installment loans can seem trivial, but there are important distinctions. Installment loans are larger and last longer than payday loans, which are generally for a few hundred dollars and are due on the borrower’s next payday. OneMain has not publicly weighed in on the federal proposal, but it has been busy at the state level. OneMain’s lobbyists, who also supported an insurance bill in California this year, have assured lawmakers that the policies are optional.

Source: New York Times September 06, 2016 09:00 UTC