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Payday Loans Need a Ceiling Letters to the Editor

Payday loans are often touted as “emergency relief,” but if you look at the data, there is nothing further from the truth. On average, people in Minnesota who use payday loans take an average of 10 loans with the equivalent of a 208% interest rate, trapping them in revolving payday …

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More states are putting interest rate caps on payday loans

By Annie Millerbernd | Nerdwallet Low-cost, short-term lenders, released from a maximum federal interest rate, can charge borrowers rates of 400% or more on their loans. But more and more states are reducing that number by setting ceiling rates to curb high-interest lending. Currently, 18 states and Washington, DC, have …

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Why payday loans are dangerous

South_agency / Getty Images It’s hard to find yourself in a situation where you need the cash right away, but you are not alone. In fact, 42% of millennials have used methods like payday loans to deal with debt, according to a study by the Global Financial Literacy Excellence Center …

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Alternatives to Payday Loans in Maryland

As one of the easiest methods to get a quick cash advance, payday loans are widely offered to the public. The exceptions are the states where specific regulations regarding these loans are applied. Such a situation is currently inconvenient for the residents of Maryland. Yet with some quality advice from …

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Payday loans are for short term needs

Payday loans are for short term needs

Payday loans could be an option when you need immediate cash, but the cost is high and the shorter repayment terms could trap you in a vicious cycle of debt. Although there isn’t a definitive term for a payday loan it’s typically an unrequired loan of small amounts, usually at …

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