Why do borrowers use them? It’s fairly common knowledge that payday advances certainly are a trap. So just why do borrowers—let alone 12 million annually—even bother? To start with, many pay day loan borrowers—who are disproportionately people of color—have low or moderate incomes and battle to get credit from conventional sources like a charge card…

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An alternative solution to Pay Day Loans, but It’s Still High Price U.S. Bank, among the country’s biggest banks, has once more started customers that are offering, high-cost loans, saying the loans are in possession of safeguards to keep borrowers from getting back in over their minds. The loans, between $100 and $1,000, are designed…

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