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Cash Advance Industry Admits ‚Very Few‘ Borrowers Repay Their Loans

Cash Advance Industry Admits ‚Very Few‘ Borrowers Repay Their Loans

Payday loan providers earn money giving individuals loans they can’t pay off.

That reality happens to be apparent for decades. A 2009 study from the Center for Responsible Lending unearthed that people taking right out brand new loans to settle old ones compensate 76 per cent of this payday market. Not surprisingly information, the cash advance industry has regularly argued in public places that its high-cost loans with interest levels which range from 391 to 521 per cent try not to trap borrowers in a period of debt. Continue reading ‚Cash Advance Industry Admits ‚Very Few‘ Borrowers Repay Their Loans‘

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