Tuesday, March 18, 2014

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According to the Pew Charitable Trusts' Safe Small-Dollar Loans Research Project, which was done in 2012, the average payday loan in the United States is for $375 at an annual interest rate of 391 percent. This means that if a payday loan was not paid at all for a year, then the amount owed would nearly quadruple.
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It sometimes requires some difficult decisions to be made to put an end to the payday loan cycle, which is continuous use of payday loans to pay normal living expenses. A payday loan is designed for emergency situations that require quick cash and a short turnaround.


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