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The Pew Charitable Trusts

The Pew Charitable Trusts

Because of these costs, rather than quickly borrowing and repaying the cash, most pay day loan users land in financial obligation for months at the same time, over and over over and over over repeatedly taking right out loans while they operate low on money.

“The extended that payday lenders will keep flipping the mortgage, the greater amount of cash they make,” Ginn stated.