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The Real Cost Of Quick Cash: What Should You Know About Payday Lending Services?

Tuesday, March 26, 2019
JAN ROSS PIEDAD & DAVID MARTIN DAVIES | Texas Public Radio
Lisa Stifler

Payday loans can be a welcome rescue for people without credit or who are hit with an unexpected emergency, but small, short-term loans can accumulate debt in weeks due to interest rates that can reach 500 percent or higher.

What does it take to pay off a loan secured by the promise of a future paycheck? What are the risks associated with borrowing from these types of "quick cash" services?

How could the Consumer Financial Protection Bureau's rescinding of a proposed payday loan rule affect borrowers and the payday lending industry? How are state and local polices addressing predatory payday lending?

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