| If someone told you that they would lend
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| | America that offer some form of these
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| you $500 today if you repaid them with
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| | cash advance loans.Why do people take out
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| $5000 a year from now, would you take it?
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| | such loans? The primary reasons are
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| What if the repayment amount were only
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| | convenience and a lack of better
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| $2500? Would that strike you as a good
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| | alternatives. These stores are now so
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| deal? This may sound like an insane
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| | common that there are often several of
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| amount to repay on a small loan, but
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| | them on a single block. They don't do
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| that, in effect, is what thousands of
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| | credit checks and they will lend money to
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| consumers do every day when they take out
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| | pretty much anyone with a steady job.
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| a payday loan.Payday loans, also known as
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| | And the borrowers tend to be people who
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| cash advance or quick cash loans, are
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| | do not have access to other borrowing
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| short term loans that typically last
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| | options, such as credit cards, friends
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| about two weeks. In exchange for
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| | with money or a local credit union that
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| borrowing relatively small sums ranging
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| | offers short term loans.Defenders of
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| from $100-500, the borrower pays a fee
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| | these financial products say that they
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| that can range from $10-40 per $100
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| | are simply offering a product that the
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| borrowed for the two-week loan. The
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| | public wants. That may very well be
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| borrower writes a postdated check for the
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| | true, as these businesses are doing very
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| borrowed sum plus the fee, which the
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| | well. What remains to be answered is
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| lender may cash two weeks later.These
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| | whether the public really wants to borrow
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| fees may seem relatively small, but when
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| | money at 500% per year. In all
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| viewed as an annual percentage rate, they
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| | likelihood, they are doing so only
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| actually amount to anywhere between
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| | because they cannot find a less expensive
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| 250-1000% per year. That's an
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| | option. Anyone who needs a short term
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| astronomical amount of interest in a
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| | loan is more than welcome to go to a
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| world where a credit card loan at 25% is
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| | payday loan store to get one. But any
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| considered to be high. And yet, the
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| | potential borrowers should realize that
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| payday loan business is thriving and
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| | they making use of one of the world's
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| there are now some 23,000 stores in
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| | most expensive forms of lending.
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