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Inside E Street

The Payday Loan Cycle

Are these short-term, easy-to-get loans an effective consumer service or a debt trap?

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Payday loans were established as a quick way to obtain a loan between paychecks. In theory, a customer could take out a loan and pay it back, with an added fee, by the time his or her next paycheck arrived, usually within two weeks. However, some customers and opponents claim that in reality, the use of payday loans has become a form of legal loan sharking, with the lending companies hoping to keep their consumers in debt. … Back to Article

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