Reporter's notebook: Behind 'Beyond payday loans'

Join Marketplace' s Mitchell Hartman and ProPublica's Paul Kiel as they share behind-the-scenes moments behind their investigative series on a lucrative niche in the consumer finance market: the installment loan. 

The installment loan is different than a payday loan

In some cases, this type of loan can hook borrowers for years.  Think of it as a spiral of debt, in which borrowers repay parts of the loan, refinance the rest, and then start back at zero.  It can turn into a constant cycle of refinancing, repaying, and refinancing.   

Mitchell and Paul speak on how their reporting came about and how together, they connected a myriad of dots — between borrowers and lenders, between former employees and industry tactics and between the fine print of a loan document and the actual money owed.

Read other stories from the Marketplace and Propublica joint investigation "Beyond payday loans: Installment lending and the cycle of debt." Explore the whole series here. 

About the author

Nancy Farghalli is an editor at Marketplace.
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Payday loans are extremely popular today because with a help of them it’s possible to borrow money quickly and with no hassle. But at the same time it’s a problem because consumers often take out loans just because they can do it easily. My personal opinion is that it’s worth to use this service in emergency situations only. We know that there are lots of people who don’t have any savings and in case unexpected financial problem arises they should get in debt. Payday and installment loans have very high interest rates because they are short term and unsecured and it’s necessary to think twice before applying for high interest lending products. Jen Ray from http://northenloans.ca/ company

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