Consumer alert: watch out for high-cost loans and buy now, pay later pitfalls
CoPIRG teamed up with the Center for Responsible Lending (CRL) to issue a consumer alert including new data on high-cost "supervised loans" in Colorado and tips to avoid Buy Now, Pay Later traps.
With many Coloradans’ budgets stretched thin this holiday season, a new report from the Center for Responsible Lending (CRL) cautions people who may consider taking out a loan to pay for expensive products.
CRL’s new report, Upsold and Weighed Down, found that one type of financial product, “supervised” installment loans, come packed with fees for low-value, high-cost add-on products that are not included in the loans’ APRs, but can add hundreds of dollars onto borrowers tabs.
In addition, CoPIRG Foundation cautioned consumers against pitfalls in Buy Now, Pay Later offers. Our consumer protection tips highlight things to know and what to avoid.
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