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Reforming Pay Day Loans Starts With Focusing On How They In Fact Work
Every year, about 12 million Americans take out loans that are payday. Interest levels have become high, with APRs averaging 390 per cent. By the time the mortgage is paid back, the charges included routinely have far surpassed the first loan quantity. Costs paid on these loans total about $7 billion per year, burdening borrowersвЂ”many residing paycheck-to-paycheckвЂ”who cannot pay for such economic stress.