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A New Rule Protects the indegent From a Nightmarish Cycle of Debt and High charges

A New Rule Protects the indegent From a Nightmarish Cycle of Debt and High charges

The chasm between a bill due now and a paycheck coming soon is simply too wide to bridge for millions of financially strapped americans.

That’s largely why 12 million individuals per year are at storefront payday loan providers, asking for a short-term loan—and investing about $9 billion in associated charges when it comes to privilege, based on Pew Charitable Trusts.

Those loan providers, whether little shops or section of bigger chains like Check Advance and Cash Express, have a tendency to charge sky-high interest and keep borrowers stuck in a period of duplicated loans and high fees. Continue reading

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