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Consumer Federation of America Payday Loan Page

February 1, 2009

Consumer Federation of America’s information resource on payday lending for consumers and advocates

Payday loans are extremely expensive cash advances that must be repaid in full on the borrower’s next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, unaffordable repayment terms, and coercive collection tactics made possible by check-holding.

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