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Numerous borrowers have been in a love-hate relationship with payday loan providers: they do say the loans tear them down, yet the relief of fast cash departs them finding its way back for lots more.
Pay day loans are advertised as short-term lines of credit, typically extended for a fortnight to aid customers complete with their next paycheck.
Every year, almost 12 million borrowers sign up for payday advances averaging $375 each. Yet, just 14% are able to settle the $430 in principal and charges owed after fourteen days, based on a Pew Charitable Trusts report centered on interviews with over 700 borrowers. Continue reading “Many thanks for visiting cnnmoney. People in the us in love-hate relationship with payday advances”